In the Long Run, Equilibrium Positions That Arise in Both

question 144

Multiple Choice

In the long run, equilibrium positions that arise in both monopolistically competitive and perfectly competitive markets are

• A) MR = MC and P = MC.
• B) P = ATC and P = MC.
• C) MR = MC and P = ATC.
• D) MR = MC = P.

---

Definitions:

Cause And Effect

A relationship where one event (the cause) makes another event happen (the effect), often used to describe phenomena in various fields of study.

Post Hoc, Ergo Propter Hoc

A logical fallacy that assumes a cause-and-effect relationship simply because one event followed another in time.

Fallacy Of Logic

An error in reasoning that renders an argument invalid, often undermining the argument's logical structure.

Inductive Reasoning

A method of reasoning in which specific observations or sets of observations are used to make general conclusions.