The second part contains 3 long-answer problems, each worth 20 points. There are 17 problems in total to be solved. Additionally the last page of the exam contains an extra-credit problem that is worth 20 points. This is strictly a closed-book exam and the use of technology (including calculators, phones, tablets, and laptops) is prohibited.
ECON 203 Principles of Microeconomics Final Exam Answers (2018) When entry occurs in a monopolistically competitive industry, The long term-result of entry and exit in a perfectly competitive market is that all firms end up selling at the price level determined by the lowest point on the