A Monopolistic Competitive Firm in the Long Run Sets Price

question 132

True/False

A monopolistic competitive firm in the long run sets price equal to the minimum point on the long-run average cost curve.

---

Definitions:

Consequents

The outcomes or results that logically follow from a given condition or premise.

Biconditional

A logical statement that is true if both of its component statements (the conditions) are either both true or both false.

Conjunction

A word used to connect clauses, sentences, or words in the same grammatical structure, such as "and," "but," and "or."

Conditional

Relating to a statement or proposition that expresses a condition, typically formulated as "if...then..."