In Long-Run Equilibrium in a Monopolistically Competitive Industry, a Firm

question 104

Multiple Choice

In long-run equilibrium in a monopolistically competitive industry, a firm will

• A) always earn an economic profit.
• B) produce an output rate at which P = MC.
• C) produce at a point to the left of the minimum point on its average total cost curve.
• D) have a perfectly elastic demand curve.

---

Definitions:

Physical Erosion

The process by which soil, rock, or other surface material is worn away through the action of wind, water, or ice.

Digital Journal

An electronic version of a diary or journal, often used for personal reflections or to track research progress, stored digitally.

Unobtrusive Method

Research techniques that do not require direct interaction with research subjects, minimizing the researcher's influence on the data.