The Diagram Below Shows Demand and Cost Curves for a Monopolistically

question 53

Multiple Choice

The diagram below shows demand and cost curves for a monopolistically competitive firm.
FIGURE 11- 3
-Refer to Figure 11- 3.Which of the following is a demonstration of the excess- capacity theorem?

• A)P1 = LRAC with zero profits
• B)P1 = MC with zero profits
• C)Q1 is less than Q2
• D)LRAC at Q1 is not at its minimum.
• E)Both C and D demonstrate the excess- capacity theorem.

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