When a Monopolistically Competitive Industry Is in Long-Run Equilibrium

question 43

Multiple Choice

When a monopolistically competitive industry is in long-run equilibrium

• A)firms earn economic profit.
• B)firms earn zero economic profit.
• C)price equals minimum possible average cost.
• D)price equals marginal cost.

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Definitions:

Embryonic Development

Embryonic Development refers to the process in which an embryo forms and develops, leading to significant morphological changes from fertilization to the fetal stage.

Intramembranous Ossification

A process of bone development in which bones form directly from mesenchymal tissue without first being cartilage.

Humerus

The long bone in the upper arm that runs from the shoulder to the elbow, aiding in arm movement.

Total Body Height

A measure of an individual's full stature from the bottom of the feet to the top of the head when standing upright.