Although Both Perfectly Competitive and Monopolistically Competitive Firms Earn Normal

question 165

Multiple Choice

Although both perfectly competitive and monopolistically competitive firms earn normal profits in the long run, monopolistically competitive firms will not

• A)operate where price equals marginal cost
• B)charge a higher price than firms in perfect competition
• C)produce a smaller quantity than firms in perfect competition
• D)produce where price equals average total cost
• E)exit when demand falls below long-run average costs

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Definitions:

Long Bones

Bones that are longer than they are wide, primarily found in the arms (humerus, radius, ulna), legs (femur, tibia, fibula), fingers, and toes.

Metacarpals

Bones found in the hand that connect the fingers to the wrist.

Phalanges

are the bones of the fingers and toes, which play essential roles in the ability to grasp objects and maintain balance.

Cranial Bones

The bones that form the skull, protecting the brain and supporting structures of the face.