For each of the following characteristics, check which types of firm it describes: a monopoly firm, a monopolistically competitive firm, both, or neither.
Characteristic Monopoly Monopolistically Competitive
1. Faces a downward-sloping demand curve
2. Has marginal revenue less than price
3. Faces the entry of new firms selling similar products
4. Earns economic profit in the long run
5. Equates marginal revenue and marginal cost
6. Produces the socially efficient quantity of output

1. Faces a downward-sloping demand curve  

2. Has marginal revenue less than price  

3. Faces the entry of new firms selling similar products  

4. Earns economic profit in the long run  

5. Equates marginal revenue and marginal cost  

6. Produces the socially efficient quantity of output

a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

so for 24 people, you'll need 15 lbs of apples, and 6 cups of flour.