In a Long-Run Equilibrium in a Monopolistically Competitive Market,do Firms

question 71

Multiple Choice

In a long-run equilibrium in a monopolistically competitive market,do firms produce at the level of output that minimizes average total cost over all levels of output?

• A) Yes, since firms produce at Price = Average total cost
• B) Yes, because average total cost exceeds marginal cost
• C) No, because firms are not producing at the minimum of average total cost
• D) Yes, because firms are producing at the point where Marginal revenue = Marginal cost

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