Refer to the Graph Shown of a Monopolistically Competitive Firm

question 182

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:

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