In the Long Run, Firms in a Monopolistically Competitive Market

question 13

Multiple Choice

In the long run, firms in a monopolistically competitive market

• A) usually earn positive economic profits.
• B) always earn monopoly profits.
• C) usually earn economic losses.
• D) earn zero economic profits.

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Definitions:

Relative Deprivation Theory

A theory suggesting that individuals who perceive themselves as having less resources or social advantages than others in their group or society are more likely to engage in social movements or deviant behaviors.

Social Rewards

Benefits or recognitions received from others in a social context, often as a result of one's behavior or achievements.

Absolute Deprivation

A condition characterized by the lack of basic resources necessary for maintaining minimum living standards.

Social Strain

A concept in sociology that suggests individuals may experience pressure, discomfort, or dissonance when societal goals and the means to achieve them do not align.