Monopolistically competitive product markets are inefficient because price equals the marginal value to the buyer of the last item produced Answer A: price equals the marginal value to the buyer of the last item produced A price is greater than marginal cost Answer B: price is greater than marginal cost B excessive competition prevents other firms from entering the market Answer C: excessive competition prevents other firms from entering the market C homogeneous goods are usually overpriced Answer D: homogeneous goods are usually overpriced D short-run economic profit-making opportunities exist

Lucido products markets two computer games: claimjumper and makeover. a contribution format income statement for a recent month for the two games appears below: claimjumper makeover total sales $ 30,000 $ 70,000 $ 100,000 variable expenses 20,000 50,000 70,000 contribution margin $ 10,000 $ 20,000 30,000 fixed expenses 24,000 net operating income $ 6,000 required: 1. compute the overall contribution margin (cm) ratio for the company.. 2. compute the overall break-even point for the company in dollar sales. 3. complete the contribution format income statement at break-even point for the company showing the appropriate levels of sales for the two products. (do not round intermediate calculations.)