What is one difference between a firm in a perfectly competitive industry and a firm in a monopolistically competitive industry?
a) a monopolistically competitive firm does not face a downward-sloping demand curve.
b) a monopolistically competitive firm faces competition from firms producing close substitutes.
c) a monopolistically competitive firm is guaranteed to make more than normal profits in the long run.
d) a monopolistically competitive firm does not choose a level of output where marginal cost is equal to marginal revenue.

What resourse is both renewable and inexpensive? gold coal lumber mineral

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.

Which (if any) of the following scenarios is the result of a natural monopoly? instructions: you may select more than one answer. a. patent holders of genetically modified seeds are permitted to sue farmers who save seeds from one planting season to the next. b. doctors in the united states are prohibited from practicing without a medical license. c. there is one train operator with service from baltimore to philadelphia. d. coal is used as the primary energy in a country with abundant coal deposits.