When a Monopolistically Competitive Firm Is in Long-Run Equilibrium

question 422

Multiple Choice

When a monopolistically competitive firm is in long-run equilibrium,

• A) marginal revenue is equal to marginal cost.
• B) price is equal to average total cost.
• C) demand is equal to average total cost.
• D) All of the above are correct.

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Definitions:

Variable-Interval Schedule

A reinforcement schedule in operant conditioning where a response is rewarded after an unpredictable amount of time has passed, creating a variable pattern of reinforcement.

Fixed-Ratio Schedule

A schedule of reinforcement where a response is rewarded after a specified number of responses, leading to a high and steady rate of responding.

Variable-Ratio

A reinforcement schedule where a response is rewarded after an unpredictable number of responses, enhancing the response rate.