In Long-Run Equilibrium in Monopolistic Competition,price Is

question 40

Multiple Choice

In long-run equilibrium in monopolistic competition,price is:

• A)greater than average total cost.
• B)equal to average total cost at an output below where average total cost is minimized.
• C)equal to average total cost at its minimum.
• D)equal to average total cost at an output above where average total cost is minimized.

---

Definitions:

Protein Synthesis

The process by which cells build proteins using instructions encoded in genes, involving transcription and translation stages.

Sensory Input

Information gathered by the sensory organs that is then sent to the brain for processing.

Synapses

The junctions through which neurons signal to each other or to non-neuronal cells, allowing the transmission of electrical or chemical signals.

Gap Junctions

Specialized intercellular connections that allow for direct chemical and electrical communication between adjacent cells, facilitating the synchronization of cell activities.