Refer to the Graph Shown of a Monopolistically Competitive Firm

question 143

Multiple Choice

Refer to the graph shown of a monopolistically competitive firm. You can conclude that:

• A) new firms will enter the industry in the long run.
• B) existing firms will exit the industry in the long run.
• C) the industry is in long-run equilibrium.
• D) the price of dresses is equal to the minimum possible average total cost.

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Definitions:

Fallopian Tube

Tubes that extend from either side of the uterus, through which eggs travel from the ovaries to the uterus.

Opening

An entrance or aperture in a structure that provides access or allows the passage of objects, fluids, or light.

Region

An area or division, especially part of a country or the world having definable characteristics but not always fixed boundaries.

Pelvis

The lower part of the torso, enclosed by the pelvic bones and containing reproductive and urinary organs.