In the Long Run, in a Monopolistically Competitive Market, Price

question 102

Multiple Choice

In the long run, in a monopolistically competitive market, price will be

• A) equal to MR.
• B) equal to MC.
• C) greater ATC.
• D) equal to ATC.

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Definitions:

Cleavage

1. The tendency of minerals to break along specific orientations of closely spaced planes. 2. The tendency of a rock, especially a metamorphic rock, to split along mostly parallel planes.

Luster

The reflection of light from the surface of a mineral, especially its quality and intensity; the appearance of a mineral in reflected light.

Color

A property of light as seen by people, typically defined by its wavelength or frequency.

Crystals

Solid materials whose constituents, such as atoms, molecules, or ions, are arranged in a highly ordered microscopic structure.