In Long Run Monopolistic Competition Equilibrium, There Can Be

question 55

Multiple Choice

In long run monopolistic competition equilibrium, there can be

• A) economic profits, but not losses.
• B) economic profits or losses.
• C) no economic profits, but losses.
• D) neither economic profits nor losses.

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Definitions:

Net Income

The total revenue minus expenses, taxes, and costs, representing the profit of a business over a period of time.