Suppose That a Monopolistically Competitive Firm Is in Long-Run Equilibrium

question 233

Multiple Choice

Suppose that a monopolistically competitive firm is in long-run equilibrium.The firm's demand curve is tangent to its average cost curve at Q = 25.Average cost is minimized at Q = 35, where average cost is $50.Which of the following is true?

• A)This firm charges $50 for the good.
• B)This firm charges more than $50 for the good.
• C)This firm charges less than $50 for the good.
• D)The firm has excess capacity at all output levels greater than 35 units.
• E)Average cost is $50 at the profit-maximizing output level.

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Definitions:

Long Position

An investment strategy where an investor buys securities with the expectation that they will rise in value over time.

Agricultural Futures

Contracts to buy or sell agricultural commodities at a predetermined price at a specified time in the future, used for hedging or speculating on the price movement of these commodities.

Actively Traded

Describes securities or assets that are frequently bought and sold, indicating high trading volume.