In the Long Run, Firms in Both Monopolistically Competitive Markets

question 155

Multiple Choice

In the long run, firms in both monopolistically competitive markets and perfectly competitive markets earn zero economic profits, but unlike perfectly competitive firms in the long run, monopolistically competitive firms

• A)charge a price that is greater than average revenue.
• B)charge a price that is equal to marginal cost.
• C)do not produce at minimum average total cost.
• D)charge a price that is equal to average total cost.

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Definitions:

Well-Rounded Picture

A comprehensive and balanced view or portrayal that includes a variety of aspects or considerations.

Professional Interests

Areas of focus or concern in one's career that align with their expertise and aspirations.

Job Market

The availability of employment and labor, in terms of supply and demand, within an economy.

Potential Employer

a business or individual who might hire someone as an employee.