Among the Following Situations, Which One Is Least Likely to Apply

question 323

Multiple Choice

Among the following situations, which one is least likely to apply to a monopolistically competitive firm?

• A)profit is positive in the short run
• B)total cost exceeds total revenue in the short run
• C)profit is positive in the long run
• D)total revenue equals total cost in the long run

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Definitions:

Valid Inference

A logical conclusion drawn from premises known or assumed to be true.

Ominous Results

Findings or outcomes that are perceived as threatening or indicative of future negative events.

Reason with Certainty

The process of drawing conclusions or making determinations based on clear, indisputable evidence or principles.

Applying a Generalization

The process of applying a broad principle or rule to specific instances or situations.