In Long- Run Equilibrium, a Firm in Monopolistic Competition Makes

question 106

Multiple Choice

In long- run equilibrium, a firm in monopolistic competition makes

• A) an economic profit but the economic profit is less than it would be if the firm was a monopoly.
• B) zero economic profit.
• C) an economic profit that is higher than what it would be if the firm was a monopoly.
• D) an economic profit that is the same amount as it would be if the firm was a monopoly.

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Definitions:

Planaria

A genus of flatworms, which are often used in scientific studies due to their remarkable regenerative abilities.

Deuterostomes

A classification of animals that includes humans, characterized by the development of the anus from the first opening in the embryo.

Embryonic Development

In humans, the first 2 months of development following fertilization, during which the major organs are formed.

Radial Cleavage

A type of embryonic development in certain animals where cell divisions occur at right angles to one another, typical in deuterostomes.