stion Completion Status UESTION 1 The demand facing a monopo

stion Completion Status: UESTION 1 The demand facing a monopolistically competitive firm is a monopolistic firm and a perfectly competitive firm as elastic as; less elastic than less elastic than; more elastic than more elastic than; less elastic than O more elastic than; as elastic as

Solution

1-C

2-D

3-D

In long run equilibrium ATC=MC so equilibrium price is 16.Corresponding to this point ATC is 16.