Table 17-1 -Refer to Table 17-1.This Table Shows the Demand Schedule,marginal Cost,and

question 207

Multiple Choice

Table 17-1

-Refer to Table 17-1.This table shows the demand schedule,marginal cost,and average total cost for a monopolistically competitive market.Which of the following is likely to happen in the long run in this market?

• A)The market is currently in a long-run equilibrium.
• B)The market price is likely to fall.
• C)Firms are likely to enter the market since firms are earning a positive economic profit.
• D)Firms are likely to leave the market since firms are earning a negative economic profit.

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Definitions:

Quadrants

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