In the Long Run, a Firm in Monopolistic Competition ________

question 10

Multiple Choice

In the long run, a firm in monopolistic competition ________ excess capacity and a firm in perfect competition ________ excess capacity.

• A) has; does not have
• B) does not have; does not have
• C) has; has
• D) does not have; has
• E) might have; might have

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Definitions:

Improper Fraction

A fraction where the numerator is greater than or equal to the denominator, representing a value greater than or equal to one.

Numerator

The top number in a fraction, indicating how many parts of a whole are being considered.

Tablespoon

A unit of measure used in cooking, equivalent to approximately 15 milliliters.

Product

An item or substance that is manufactured or refined for sale.