Which of the Following Is FALSE Regarding the Long Run

question 16

Multiple Choice

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

• A) The firm makes zero economic profit.
• B) Price equals average total cost.
• C) Output is not produced at minimum average total cost.
• D) Average total cost equals marginal cost.

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Definitions:

Symbolic Interaction

Symbolic interaction is a perspective in sociology that focuses on the ways individuals interpret and give meaning to social symbols, interactions, and experiences.

Macrosociological

Refers to the study of large-scale social structures and processes, focusing on how society shapes and is shaped by these structures.

W. I. Thomas

An American sociologist best known for his work in the development of social theory and for the Thomas Theorem, which states that situations defined as real are real in their consequences.

Social Disorganization

A condition where a society's structure is weakened, leading to the breakdown of social norms and values, and resulting in social instability.