In the Long Run, a Profit-Maximizing Monopolistically Competitive Firm Sets

question 52

Multiple Choice

In the long run, a profit-maximizing monopolistically competitive firm sets it price

• A)above marginal cost.
• B)below marginal cost.
• C)equal to marginal revenue.
• D)equal to marginal cost.

---

Definitions:

Overcompensate

To overcompensate means to respond too strongly or excessively in an attempt to correct a real or imagined deficiency or mistake.

Retain

Refers to the ability to keep or hold information, knowledge, or possessions.

Biologically Programmed

Characteristics or behaviors that are determined by genetics and biology, often implying a hardwired disposition in living organisms.

John Bowlby

A British psychologist best known for his work in developing attachment theory, which emphasizes the importance of early emotional bonds formed between children and their caregivers.