The Model of Monopolistic Competition Can Characterize the Market for Plumbing

question 127

Multiple Choice

The model of monopolistic competition can characterize the market for plumbing services in a city.Suppose that the market is in long-run equilibrium.For a typical plumbing firm, price:

• A)equals average total cost.
• B)exceeds average total cost.
• C)is less than average total cost.
• D)is greater than the average for all other firms in the market.

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