Which of the Following Is True of the Long-Run Equilibrium

question 5

Multiple Choice

Which of the following is true of the long-run equilibrium in a monopolistically competitive market?

• A) Monopolistically competitive firms make supernormal profits in the long run.
• B) Monopolistically competitive firms are productively efficient in the long run.
• C) Monopolistically competitive firms will produce where MC > MR in the long run.
• D) Monopolistically competitive firms will not produce at the minimum average total cost in

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Definitions:

Personality Judgment

The process of forming opinions or evaluations about others' characters or dispositions based on observed behaviors or traits.

Cantankerous

Characterized by a difficult, argumentative, and often stubborn disposition.

Voice Quality

The characteristics of a person's voice that make it unique, including tone, pitch, and volume, which can influence communication effectiveness.

Breathiness

A vocal quality characterized by a noticeable amount of airiness or airflow during phonation, often indicating a speech or vocal condition.