Which of the Following Statements Is True

question 1

Multiple Choice

Which of the following statements is true?

• A)Monopolistic competitive firms will earn economic profits in the long run because of their ability to control the price of the product.
• B)Monopolistic competitive firms that earn economic profits in the short run commonly will find their profits competed away in the long run.
• C)Monopolistic competitive firms will earn zero economic profits in both the short and the long run.
• D)Monopolistic competitive firms must earn economic profits in the long run, or they will shut down.
• E)Monopolistic competitive firms must earn economic profits in the short run, or they will shut down.

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Definitions:

Illiteracy

The inability to read and write, affecting an individual's ability to participate fully in society and the workforce.

Productivity

A measure of the efficiency of a person, machine, system, or industry in converting inputs into useful outputs.

Operations Manager

An Operations Manager is a professional responsible for overseeing, designing, and controlling the production process and business operations.

Maintenance Schedules

Predefined plans for performing maintenance activities on equipment, facilities, or software to ensure their optimal performance and to prevent failures.