Price for a firm under monopolistic competition is? (Economics Hwk Please help)?

Question

a. equal to marginal revenue

b. greater than marginal revenue

c. less than marginal revenue

d. greater than total revenue

Answer 1

b. greater than marginal revenue

MR is at point "A" and price is at point "B" on graph:

http://spot.colorado.edu/~kaplan/econ201...

Answer 2

Greater than marginal revenue. Supernormal profits can still be made since products do still retain a degree of differentiation.

Answer 3

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