In a Long-Run Equilibrium

question 440

Multiple Choice

In a long-run equilibrium,

• A)excess capacity applies to monopolistically competitive firms but not to competitive firms.
• B)zero economic profit applies to competitive firms but not to monopolistically competitive firms.
• C)markup over marginal cost applies to both monopolistically competitive and competitive firms.
• D)product variety externalities apply to both perfectly competitive firms and monopolistically competitive firms.

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Definitions:

Audio Files

Digital files that store sound or music data, which can be played back on electronic devices.

Mini View

A compact or minimized view option in software applications, allowing users to see a condensed version of the content or interface.

File Extension

A suffix at the end of a filename that indicates the file format or type.

.mp3

A digital audio format commonly used for storing music files and audiobooks, known for its compact file size and decent sound quality.