Which Statement Is TRUE

question 228

Multiple Choice

Which statement is TRUE?

• A) For choosing the profit-maximizing quantity,the short-run decision-making process of a firm in perfect competition is the same as that of a firm in monopolistic competition since they produce so that P > MC.
• B) In the long run in perfect competition,economic profits equal zero,and in the long run in monopolistic competition,economic profits are very large.
• C) In perfect competition,P = MC,and in monopolistic competition,MR = MC,but P > MC and there is excess capacity.
• D) In both perfect competition and monopolistic competition,P equals minimum average total cost in the long run.

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Definitions:

Cultural Values

The core principles and ideals upon which an entire community exists and functions, shaping its practices, beliefs, and behaviors.

Moral Principles

Fundamental beliefs about what is right and wrong that guide an individual's behavior and decision-making processes.

Life-prolonging Interventions

Medical or technological actions taken to extend an individual's life, often undertaken in situations of severe illness or at the end of life.

Pain-relieving Measures

Techniques or medications used to reduce or eliminate physical pain.