Since the Demand Curve Faced by a Monopolistically Competitive Firm

question 5

Multiple Choice

Since the demand curve faced by a monopolistically competitive firm is downward sloping,

• A)the firm is a price-taker in the short run
• B)in the long run there will be excess capacity
• C)the output decisions of one firm will influence profits of all other firms
• D)the product in the market is viewed by consumers as being standardized
• E)the ATC curve is U-shaped

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