In the Long Run,profits for a Monopolistic Competitor Will Be

question 54

Multiple Choice

In the long run,profits for a monopolistic competitor will be:

• A) the same as the profits for a monopolist.
• B) slightly less than the profits of a monopolist.
• C) the same as the profits for a purely competitive firm.
• D) slightly more than the profits of a purely competitive firm.

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Definitions:

Epicurus

Ancient Greek philosopher who founded Epicureanism, a philosophy advocating for the pursuit of happiness through modest pleasures and the avoidance of pain.

Religion

A system of faith and worship often involving belief in a supreme being or beings and a guiding philosophy or set of doctrines.

Happiness

A state of well-being and contentment characterized by positive emotions.

Hobbes

Thomas Hobbes was a 17th-century English philosopher known for his work in political philosophy, particularly his book "Leviathan" which argues for a social contract and rule by an absolute sovereign.