Which of the Following Statements Is Correct

question 253

Multiple Choice

Which of the following statements is correct?

• A) Firms in monopolistic competition and monopoly can earn economic profits in both the short run and the long run.
• B) Both perfectly competitive and monopolistically competitive firms charge a price equal to marginal cost.
• C) Firms in perfect competition, monopolistic competition, and monopoly maximize profits by producing where marginal revenue equals marginal cost.
• D) Both perfectly competitive and monopolistically competitive firms produce the welfare-maximizing level of output.

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Definitions:

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A skilled individual trained in cutting, styling, and treating hair.

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The process or activity of adding color to something, often applied to art, design, or crafts, including coloring books for both children and adults.

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Having a legitimate claim or right to receive a specific sum of money.

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