If a Monopolistically Competitive Firm Is Producing 7,000 Units of Output

question 71

Multiple Choice

If a monopolistically competitive firm is producing 7,000 units of output and at this output level, the price is $12 and the average total cost is $10, the firm profit/loss is equal to _______ and it possible ______for the firm to be in long- run equilibrium.

• A)- $14,000; is not
• B)$14,000; is not
• C)- $14,000; is
• D)$14,000; is

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Definitions:

Behaviorism

A school of psychology that focuses on observable behaviors and the ways in which they're learned, rather than on emotions or thoughts.

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The post-secondary education preceding the attainment of a bachelor's degree.