Which of the Following Is TRUE Regarding the Long Run

question 30

Multiple Choice

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

• A) The firm's economic profit equals zero.
• B) Marginal revenue equals marginal cost.
• C) Price exceeds marginal cost.
• D) All of the above are true.

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Definitions:

Needs-Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love, esteem, and self-actualization, in that order.

21st Century

The period extending from January 1, 2001, to December 31, 2100, characterized by rapid advancements in technology, globalization, and changing social norms.

Maslow

Refers to Abraham Maslow, a psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Drivers

Key factors or elements that contribute to the progression or success of something.