In Long-Run Equilibrium in a Monopolistically Competitive Market,firms Typically

question 119

Multiple Choice

In long-run equilibrium in a monopolistically competitive market,firms typically:

• A) earn a normal profit.
• B) charge a price equal to marginal cost.
• C) earn an above-normal profit.
• D) charge a price equal to marginal revenue.

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Definitions:

Intermittent Schedule

A reinforcement or work schedule where responses or efforts are rewarded or utilized at unpredictable intervals.

Continuous Schedule

A method of operation or production that runs continuously through 24 hours without interruption, typical in processes that cannot be halted without significant cost or waste.

Behaviour Acquired

Refers to actions or conduct that an individual learns from their environment or through experiences, as opposed to innate or inherited behaviors.

Acquired-needs Theories

Theories suggesting that people's needs are acquired over time based on their life experiences, influencing their motivation and behavior.