Principles of Macroeconomics

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Econ 101: Principles of Economics NAME: Korinna K. Hansen Disc. Section: Practice Quiz 10 Use clear graphs to answer the questions below. Be brief, but clear and neat. Make sure that you label all your axes and curves . 1). (4 points). True or False? Short-run equilibrium for the monopolistically competitive firm is virtually identical to the short-run equilibrium in a monopoly.
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Unformatted text preview: 2). (4 points) True or False? Long-run equilibrium for the monopolistically competitive firm is virtually identical to the long-run equilibrium in a monopoly. 3). (2 points) What happens as the monopolistically competitive firm moves from a short run equilibrium to the long run equilibrium?...
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