In the Short-Run Equilibrium in a Monopolistically Competitive Industry, a Firm's

question 54

Multiple Choice

In the short-run equilibrium in a monopolistically competitive industry, a firm's marginal cost is equal to its _________ but in the long run equilibrium, a firm's average cost is equal to its __________.

• A)price; demand.
• B)average cost; price.
• C)marginal revenue; marginal cost.
• D)marginal revenue; price.

---

Definitions:

Less Developed Countries

Countries characterized by low levels of income, industrialization, and modernization, and often marked by high rates of poverty and economic vulnerability.

Stratified

Divided or classified into different levels, classes, or groups, often based on certain criteria or characteristics.

Prosperous

Describes a state of being successful, usually financially, characterized by growth, wealth, and good fortune.

Legitimized

Recognized as valid, lawful, or acceptable, often through formal endorsement or widespread acceptance.