Which of the Following Is True of the Long-Run Equilibrium

question 142

Multiple Choice

Which of the following is true of the long-run equilibrium price in a monopolistically competitive market?

• A) It is equal to the average total cost of production.
• B) It is less than the average total cost of production.
• C) It is higher than the average total cost of production.
• D) It is lower than the marginal cost of production.

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Definitions:

Job Performance

The level of effectiveness and efficiency with which an individual completes their work tasks and responsibilities.

Correct Actions

Appropriate or effective measures taken to achieve a desired outcome or resolve a specific situation.

Monopsony

A market situation where there is only one buyer for a product or service.

Labor Market

The supply of available workers in relation to available work.