Because Economic Profits Are Eliminated in the Long Run in Monopolistic

question 66

Multiple Choice

Because economic profits are eliminated in the long run in monopolistic competition,to make an economic profit,firms continuously

• A) shut down.
• B) exit the industry.
• C) develop and market new products.
• D) declare bankruptcy.
• E) decrease their costs by decreasing their selling costs.

---

Definitions:

Deductive Arguments

A logical process where the conclusion is based on the concordance of multiple premises that are generally assumed to be true.

Valid

A term used in logic to describe an argument where if the premises are true, the conclusion must also be true.

Premises

Buildings and land owned or occupied by a person or company, often referred to in legal and business contexts.

Deductive Argument

A reasoning method where the outcome is derived from the agreement of several assumptions, which are usually considered accurate.