In the Long Run, a Monopolistically Competitive Firm Will Operate

question 7

True/False

In the long run, a monopolistically competitive firm will operate where P = AC and will no longer have economic profits.

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Definitions:

Fixed-Ratio Schedule

A reinforcement schedule in behavioral psychology where a response is reinforced only after a specified number of responses have been made.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, encouraging the repetition of desired behaviors.

Set Number

In mathematics, a concept referring to the count or quantity of distinct elements in a set.

Behaviors

Actions or reactions of an individual in response to external or internal stimuli.