Figure 16-8 The Figure Is Drawn for a Monopolistically-Competitive Firm

question 256

Multiple Choice

Figure 16-8
The figure is drawn for a monopolistically-competitive firm.

-Refer to Figure 16-8.For this firm,the long-run equilibrium quantity of output is

• A) 100 and the long-run equilibrium price is $90.
• B) 100 and the long-run equilibrium price is $140.
• C) 133.33 and the long-run equilibrium price is $56.67.
• D) 133.33 and the long-run equilibrium price is $123.33.

---

Definitions:

Office of Management

A governmental department or agency, often at the federal level, responsible for overseeing the administration of policy, budgeting, and organizational management.

Council of Economic Advisers

A group of economists appointed by the President of the United States to provide objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues.

Executive Office

The Executive Office of the President is comprised of the immediate staff of the President, as well as multiple levels of support staff who report directly to the President and are responsible for a wide range of tasks and coordination of national policies.

Constitutional Task

A duty or responsibility that is outlined or mandated by a constitution.