1) In a monopolistically competitive industry, a) firms are large relative to the total market.

b) firms can be either large or small relative to the total market.

c) firms are small relative to the total market.

d) there is only one firm.

2) Compared to a perfectly competitive firm, the demand schedule a monopolistically competitive firm faces is

a) less price elastic

b) perfectly price elastic

c) perfectly price inelastic

d) more price elastic

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.