In Monopolistic Competition, Free Entry and Free Exit Mean That

question 155

True/False

In monopolistic competition, free entry and free exit mean that in the long run firms in the industry make zero economic profit.

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Definitions:

Legal Ethics

The principles and codes of conduct that govern the behavior of legal professionals.

Disciplinary Proceeding

A formal process where professional conduct is reviewed, and disciplinary actions may be taken for violations.

Malpractice Lawsuit

A legal action taken against a professional, such as a doctor or lawyer, for negligence or incompetence that results in harm to a client or patient.

Duty of Competence

A professional obligation requiring individuals to have the necessary knowledge and skill to perform tasks effectively.