Use the Following to Answer Question

question 151

Multiple Choice

Use the following to answer question:
Figure: Profit Maximization in Monopolistic Competition
-(Figure: Profit Maximization in Monopolistic Competition) Use Figure: Profit Maximization in Monopolistic Competition.In monopolistic competition,long-run equilibrium is characterized by:

• A)P > MR.
• B)P < MR.
• C)P = MR.
• D)profit maximization,which occurs where P = MR = MC.

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Definitions:

Daily Wage

The amount of money paid to an employee for a day's work.