A Monopolistically Competitive Market Is Like Both a Competitive Market

question 323

Multiple Choice

A monopolistically competitive market is like both a competitive market and a monopoly in that

• A) all three market structures feature easy entry by new firms in the long run.
• B) firms in all three market structures maximize profit by producing an output level where marginal revenue equals marginal cost.
• C) firms in all three market structures produce the welfare-maximizing level of output.
• D) All of the above are correct.

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