In Long-Run Equilibrium in Monopolistic Competition

question 112

Multiple Choice

In long-run equilibrium in monopolistic competition:

• A)price is greater than average total cost
• B)price is equal to average total cost at an output less than the output at which average total cost is minimized.
• C)price is equal to average total cost at its minimum.
• D)price is equal to average total cost at an output greater than the output at which average total cost is minimized.

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Definitions:

Induction

A disciplinary technique in which the parent tries to get the child to understand why a certain behavior was wrong. Listening, not lecturing, is crucial.

Bullying

A form of aggressive behavior characterized by repeated acts of physical, verbal, or social harm intended to intimidate, harm, or ostracize another individual.

Instrumental

Pertaining to actions or tools designed to achieve a specific purpose or carry out a particular function.

Reactive

The tendency to respond to stimuli or situations in a manner dictated by the stimuli themselves rather than initiating proactive actions.