Which of the Following Is TRUE Regarding the Long Run

question 186

Multiple Choice

Which of the following is TRUE regarding the long run for a firm in monopolistic competition?

• A) The firm's price equals its marginal cost.
• B) The firm's economic profit equals zero.
• C) The firm's average total cost is minimized.
• D) The firm's marginal cost equals its average total cost.

---

Definitions:

Standard Deviation

A measure that is used to quantify the amount of variation or dispersion of a set of data values.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given number of parameters.

Graduate School

A division of a university offering advanced programs beyond the bachelor's degree, leading to a master's or doctoral degree.

Continuous Random

A variable that can take an infinite number of values within a given range, representing quantities that can be subdivided into infinitely smaller increments.