The Theory of Monopolistic Competition Predicts That,in Long-Run Equilibrium,a Monopolistically

question 66

Multiple Choice

The theory of monopolistic competition predicts that,in long-run equilibrium,a monopolistically competitive firm will

• A) produce the output level at which price equals long-run average cost.
• B) produce the output at which short-run average total cost equals marginal cost.
• C) produce the output level at which price equals long-run marginal cost.
• D) operate at minimum long-run average cost.
• E) operate where price equals long-run average fixed cost.

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