In the Long Run, Equilibrium Positions That Arise in Both

question 144

Multiple Choice

In the long run, equilibrium positions that arise in both monopolistically competitive and perfectly competitive markets are

• A) MR = MC and P = MC.
• B) P = ATC and P = MC.
• C) MR = MC and P = ATC.
• D) MR = MC = P.

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Definitions:

Imitates

To take or follow as a model; to replicate someone’s behavior or actions.

Resistance

Opposition or refusal to accept or comply with changes, policies, or practices.

Apathetic

Showing or feeling no interest, enthusiasm, or concern about something.

Minimal Effort

The least amount of energy or work expended to achieve a task or objective.