The Long-Run Equilibrium for a Monopolistically Competitive Firm Is Efficient

question 114

True/False

The long-run equilibrium for a monopolistically competitive firm is efficient because its profits equal zero in the long run.

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Definitions:

Trial Court

A court in which most civil or criminal cases start when they first enter the legal system. The parties present evidence and call witnesses to testify. Trial courts are referred to as courts of common pleas or county courts in state court systems and district courts in the federal system. Also called court of original jurisdiction and court of first instance.

Manufacturer Negligent

A situation when a manufacturer fails to ensure the safety and efficacy of their product, resulting in harm to consumers.

Failing To Warn

The legal culpability faced by an entity for not properly informing consumers or users of a product's latent dangers or risks, potentially leading to harm.

Ease Of Warning

The simplicity with which potential risks or dangers can be communicated to the public or stakeholders.