In the Long-Run Equilibrium in a Monopolistically Competitive Industry, Economic

question 30

Multiple Choice

In the long-run equilibrium in a monopolistically competitive industry, economic profits are _________ due to __________.

• A)positive; free entry into the industry.
• B)zero; monopoly power.
• C)positive; barriers to entry into the industry.
• D)zero; free entry into the industry.

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Definitions:

Retirement Savings

Money that has been set aside or invested with the purpose of using it for income upon retiring.

Lump Sum

A lump sum is a single payment of money, as opposed to making payments over time in installments.