In the Long Run, the Representative Firm in Monopolistic Competition

question 51

Multiple Choice

In the long run, the representative firm in monopolistic competition tends to have

• A) excess capacity.
• B) economic profits.
• C) no product differentiation.
• D) a perfectly elastic demand curve.

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Definitions:

Primates

A group of mammals that includes humans, apes, monkeys, and others, characterized by relatively large brains, forward-facing eyes, and complex social behaviors.

Capuchins

A genus of New World monkeys known for their intelligence and social behaviors, often studied in research on primatology and psychology.

Equity Norm

A principle within social psychology that posits fairness and equality in the distribution of resources and responsibilities among members of a group.

Equality Norm

A principle or standard within social groups that advocates for equal rights, opportunities, and treatment for all members, often guiding behavior and decision-making in group settings.