Other things being equal, the law of demand implies that as: 1) The demand for CDs increases, the price will decrease
2) Income increases, the quantity of CDs demanded will increase
3. The price of CDs increases the quantity of CDs demanded will decrease 04 The price of CDs increases, the quantity of CDs demanded will increase

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.