For a Monopolistic Competitive Firm, Which of the Following Is

question 81

Multiple Choice

For a monopolistic competitive firm, which of the following is true in the long run?

• A) ATC is minimized.
• B) Economic profit is zero.
• C) P = MC.
• D) All of the above.

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Definitions:

Secondary Reinforcer

A stimulus that gains its reinforcing power through its association with a primary reinforcer.

Primary Reinforcer

A naturally reinforcing stimulus, such as food or water, that does not require learning to become desirable.

Partial Reinforcement Extinction Effect

A phenomenon where behaviors reinforced intermittently are more resistant to extinction than behaviors reinforced continuously.

Disequilibrium Principle

A concept in economics and game theory where participants' strategies are not in perfect balance, leading to changing strategies over time.