three quiz questions about microeconomics.
1. suppose there are no variable costs. Think about what this means. Marginal cost is the additional cost of producing one more unit of good.
…(see the file)
2. show and explain why profits go to zero in the long run under monopolistic competition. Hint: start with a firm making profit and then explain what happens next…. (see file)
3. a large amount of rainfall has led to an increase in demand of arks….. (see file)