In Long-Run Equilibrium, a Profit-Maximizing Firm in a Monopolistically Competitive

question 1

Multiple Choice

In long-run equilibrium, a profit-maximizing firm in a monopolistically competitive industry will produce the quantity of output where

• A) ATC = P, MR = MC = P.
• B) ATC < P, MR = MC = P.
• C) ATC < P, MR + MC < P.
• D) ATC = P, MR = MC < P.

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