Among the Following Situations, Which One Is Least Likely to Apply

question 323

Multiple Choice

Among the following situations, which one is least likely to apply to a monopolistically competitive firm?

• A)profit is positive in the short run
• B)total cost exceeds total revenue in the short run
• C)profit is positive in the long run
• D)total revenue equals total cost in the long run

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Definitions:

Cash

A company's liquid assets that are available for immediate use for transactions, including currency and demand deposits.

Basic Accounting Equation

Assets = Liabilities + Owner’s Equity.

Electronic Equipment

Electronic equipment encompasses devices or systems that use electrical power to perform a wide range of functions, including computing, communication, and entertainment.

Accounts Payable

Refers to the amount a company owes to suppliers or vendors for goods and services received but not yet paid for.