The Diagram Below Shows Demand and Cost Curves for a Monopolistically

question 6

Multiple Choice

The diagram below shows demand and cost curves for a monopolistically competitive firm. FIGURE 11-3
-Refer to Figure 11-3.If a decrease in industry demand led to an inward shift of each firm's demand curve,a typical firm would

• A)be making profits and new firms would enter the industry in the long run.
• B)be making losses and some firms would exit the industry in the long run.
• C)exit the industry and the industry would shut down.
• D)increase costs in order to break even at P_L and Q_L in the long run.
• E)decrease costs in order to break even at P_L and Q_L in the long run.

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Definitions:

Rational Expression

A ratio of two polynomial expressions, with a non-zero denominator.

Simplify

To reduce an expression or equation to its simplest form by performing all possible operations and combining like terms.

Shaded Portion

The part of a diagram or graph that is marked with a pattern or color to indicate it is different from the rest, often related to probability, geometry, or statistics.

Total Area

The entire surface area of a two-dimensional shape or the combined surface areas of all faces of a three-dimensional object.