Microeconomics. Thanks?

Question

7. Since a monopolistically competitive firm faces a downward-sloping demand curve for its product, its price will be:

equal to marginal revenue.

less than marginal revenue.

greater than marginal revenue.

equal to total revenue.

8. Suppose a monopolistically competitive firm can increase its profits by decreasing its output. Then it must be the case that at the current output:

marginal revenue is less than zero.

price is less than marginal revenue.

marginal revenue is less than marginal cost.

price is less than average total cost.

9.Long-run equilibrium in perfect competition and in monopolistic competition are similar because, in both, firms:

produce at the minimum point of the average total cost curve.

set price equal to marginal cost.

make zero economic profits.

have excess capacity

Answer 1

7-greater than marginal revenue

8-marginal revenue is less than marginal cost.

9-set price equal to marginal cost.