During the winter months, many elderly persons leave their homes in northern new york and travel south to florida or arizona. what would you expect to happen to the equilibrium price and quantity of items most used by the elderly in northern new york? a. they would both increase. b. they would both decrease. c. one would increase and one would decrease, but we don't know which would do what d. the price would increase and the quantity would decrease. the price would decrease and the quantity would incr

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.