What Characteristics Describe the Long-Run Equilibrium in a Monopolistically Competitive

question 46

Multiple Choice

What characteristics describe the long-run equilibrium in a monopolistically competitive market?
(i) price exceeds marginal cost
(ii) price equals average total cost
(iii) quantity produced is at each firm's efficient scale

• A)(i) only
• B)(i) and (ii) only
• C)(ii) and (iii) only
• D)(i), (ii) and (iii)

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Definitions:

Multinational Corporation

A large company that operates in several countries around the world, often centralizing management in a specific home country while adapting products and practices to local markets.

Sustainable Development

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Cultural Diversity

The presence of a wide range of cultural, ethnic, and racial groups within a society, organization, or community.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.