If a Monopolistically Competitive Firm Is Producing 30,000 Units of Output

question 50

Multiple Choice

If a monopolistically competitive firm is producing 30,000 units of output and at this output level, the price is $100 and the average total cost is $100, the firm profit/loss is equal to ______and it ______possible for the firm to be in long- run equilibrium.

• A)$0; is
• B)- $100; is not
• C)$100; is
• D)$0; is not

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Definitions:

Recognition

The cognitive process of identifying and acknowledging the familiarity of an object, concept, or piece of information from previous encounters.

Recall

The act of retrieving information or memories from one's past, a cognitive process within the broader memory system.

Distinctive

Characterized by qualities that set something or someone apart from others.

Discrete

Referring to distinct, separate, or non-continuous values or entities.