Which of the Following Is True Regarding the Long Run

question 25

Multiple Choice

Which of the following is true regarding the long run for a firm in monopolistic competition?

• A) The firm's price equals its marginal cost.
• B) The firm's average total cost is minimised.
• C) The firm's economic profit equals zero.
• D) The firm's marginal cost equals its average total cost.

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Definitions:

Time Management

The process of organizing and planning how to divide one's time between various activities effectively.

Behavior Change

The process of altering patterns of human behavior over time to achieve desired outcomes or objectives.

Locus of Control

A psychological concept referring to the degree to which individuals believe they have control over the events in their lives.

Self-efficacy

The belief in one's abilities to succeed in specific situations or accomplish a task.