Use the Figure Below to Answer the Following Questions

question 71

Multiple Choice

Use the figure below to answer the following questions. Figure 13.2.1
-Refer to Figure 13.2.1.This firm in monopolistic competition will

• A)make an economic profit in the short run.
• B)make zero economic profit in the short run.
• C)incur an economic loss.
• D)make an economic profit in the long run.
• E)incur an economic loss in the long run.

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Definitions:

Primary Liability

The foremost responsibility to pay or perform under a legal obligation, without recourse to others for reimbursement.

Secondary Liability

Legal responsibility that arises from helping, enabling, or indirectly contributing to the infringement or wrongdoing by another.

Presentment

The act of formally presenting a financial document, such as a check or draft, for acceptance or payment.

Discharge

The release from a legal obligation, such as the fulfillment of a debt or contractual requirement.