In Monopolistic Competition, Easy Industry Entry and Exit Drives Long-Run

question 141

True/False

In monopolistic competition, easy industry entry and exit drives long-run profits of firms to zero.

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Definitions:

National Weather Service

A United States federal agency tasked with providing weather forecasts, warnings of hazardous weather, and other weather-related products to organizations and the public.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values.

National Center for Health Statistics

A US agency responsible for collecting and analyzing data related to health and health care in the United States.

Standard Deviation

An indicator of the extent to which a set of numbers spreads out, showing the deviation of the values from their average.