A Firm in a Monopolistically Competitive Market Makes No Economic

question 134

Multiple Choice

A firm in a monopolistically competitive market makes no economic profit in the long run because

• A)long-run marginal cost will be too high to make any economic profit.
• B)long-run price will be equal to long-run marginal cost.
• C)long-run marginal cost will be equal to long-run marginal revenue.
• D)long-run price will be equal to long-run average cost.

Learn to calculate the cost of merchandise sold using data from either periodic or perpetual inventory systems.

Understand the process and significance of closing entries in accounting, especially in a perpetual inventory system.

Understand the structure and purpose of specialized journals within an accounting system.

Recognize the importance and function of the general journal.

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Documented evidence of legal transactions, decisions, or proceedings that have legal significance.