If a Monopolistically Competitive Firm Is in Long-Run Equilibrium and Average

question 138

True/False

If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150.

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Definitions:

Fragmentation

The process of breaking or splitting into smaller parts, often used in reference to habitat destruction or data division in computing.

Pet Trade

The commercial activity involving the breeding, selling, or exchanging of pets, which can impact wildlife conservation and animal welfare.

Tropical Birds

Bird species that reside in tropical regions, known for their vibrant colors and diverse species.

Temperate Fish

Fish species that live in waters with moderate temperatures, neither too hot nor too cold, typically between polar and tropical regions.