Use the Following to Answer Questions

question 52

Multiple Choice

Use the following to answer questions:
Figure: Monopolistic Competition
-(Figure: Monopolistic Competition) Refer to the figure. Suppose the figure represents a firm that operates in a monopolistic competitive market. In the long run you would expect prices in this market to:

• A) stay the same.
• B) increase as unprofitable firms leave the industry.
• C) decrease to the point that P = AC.
• D) decrease to the point that P = MC.

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Definitions:

Introversion

A personality trait characterized by a focus on internal feelings rather than external sources of stimulation; introverts often prefer solitary activities.

Agreeableness

A personality trait characterized by compassion, cooperativeness, and a desire to maintain positive social relationships.

Shyness

The feeling of apprehension or lack of comfort in social situations that may inhibit personal interaction.

Constantly Fear

A persistent and ongoing state of anxiety or dread.