A Firm Operating in a Monopolistically Competitive Market Can Earn

question 69

Multiple Choice

A firm operating in a monopolistically competitive market can earn economic profits in

• A)the short run but not in the long run.
• B)the long run but not in the short run.
• C)both the short run and the long run.
• D)neither the short run nor the long run.

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Definitions:

Custom

A traditional and widely accepted way of behaving or doing something that is specific to a particular society, place, or time.

Strengthen Capitalism

Efforts or actions taken to bolster the efficiency, competitiveness, and innovation within capitalist economic systems.

Safer Working Conditions

Refers to workplace environments designed to minimize risk of injury or harm to employees, adhering to health and safety regulations.

Scientific Management

A management theory developed by F.W. Taylor aiming to improve economic efficiency and labor productivity through systematic study and analysis of work processes.