Although Both Perfectly Competitive and Monopolistically Competitive Firms Earn Normal

question 165

Multiple Choice

Although both perfectly competitive and monopolistically competitive firms earn normal profits in the long run, monopolistically competitive firms will not

• A)operate where price equals marginal cost
• B)charge a higher price than firms in perfect competition
• C)produce a smaller quantity than firms in perfect competition
• D)produce where price equals average total cost
• E)exit when demand falls below long-run average costs

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