Which of the Following Is Uncharacteristic of Monopolistic Competition in the Long

question 152

Multiple Choice

Which of the following is uncharacteristic of monopolistic competition in the long run?

• A) a large number of sellers in the industry
• B) zero economic profits
• C) price in excess of marginal cost
• D) firms have no excess capacity

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Definitions:

Alcohol

A psychoactive substance commonly found in beverages like beer, wine, and spirits, known for its intoxicating effects.

Placebo Beverage

A drink given to participants in an experiment, which they believe contains active ingredients, but does not, used to measure psychological and physiological effects.

Casual Sex

Sexual activity that takes places outside the context of a serious relationship, often focusing on physical pleasure without emotional commitments or future expectations.

Alcohol

A chemical substance that is a central nervous system depressant and is consumed in beverages for its psychoactive effects, often leading to intoxication.