In Long-Run Equilibrium,a Monopolistically Competitive Industry Is Characterized by

question 73

Multiple Choice

In long-run equilibrium,a monopolistically competitive industry is characterized by

• A)positive profits for all firms in the industry.
• B)a perfectly elastic demand curve facing each firm in the industry.
• C)zero profits for all firms in the industry.
• D)positive profits as a result of barriers to entry.
• E)all firms operating at the minimum point of their long-run average cost curves.

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Definitions:

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