Use the Following for Questions 22-31

question 86

Multiple Choice

Use the following for questions 22-31.
Exhibit: Profit Maximization in Monopolistic Competition

-(Exhibit: Profit Maximization in Monopolistic Competition) In determining the price in monopolistic competition:

• A) the price to the firm is given by supply and demand for the industry.
• B) the firm is a price taker.
• C) the firm applies the marginal decision rule.
• D) A and B are true.

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Definitions:

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