Principles of Macroeconomics

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Unformatted text preview: Econ 101: Principles of Economics N AME: 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-shon-nm equilibrium in a monopoly. P {my 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. ? fiTc. . at G? 3). (2 paints) What happens as the monopolistically competitive firm moves from a short run equilibrium to the long run equilibrium? '77; W Wm 6/Liz‘1‘5 «we Q»; 07%»; firma/ W +14 Wkfl" 5799mm?) gawk-#1774. 7%- Cogfihm W7 74—h (141/ MM x' 7’1; 2’11 #72 WE ‘ “f 5 WM W ...
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