In the Long Run, Both Monopolistically Competitive and Perfectly Competitive

question 56

Multiple Choice

In the long run, both monopolistically competitive and perfectly competitive firms attain

• A) lowest cost production.
• B) positive economic profits.
• C) zero economic profits.
• D) productive efficiency.

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Definitions:

Mean

The average of a set of numbers, calculated by dividing the sum of the values by the count of numbers.

Probability Density Functions

Functions that describe the relative likelihood for a continuous random variable to take on a given value.

Continuous Random Variables

Variables that can take an infinite number of values within a given range, often associated with measurements in time, distance, or temperature.

Area Under the Curve

A measure used in various statistical analyses to quantitatively summarize the shape of a curve, often related to the performance of a model or the distribution of data.