(Solved): 1. In the long run, monopolistically competitive firms produce a level of output such that: a. \( P ...

1. In the long run, monopolistically competitive firms produce a level of output such that: a. \( P=M R \). b. \( P=A T C \) c. \( P=\min A T C \) d. None of the above 2. TRUE/FALSE When a monopolistically competitive firm is in a long-run equilibrium, the values of marginal cost, average total cost, and price are all the same. 3. You are the manager of a monopoly that faces a demand curve described by \( \mathrm{P}=230-20 Q \). Yo are \( T C=5+30 Q \). Your firm's profits are: a. \( \$ 475 \) b. \( \$ 485 \) c. \( \$ 495 \) d. \( \$ 465 \)