Which of the Following Is Not a Characteristic of Long-Run

question 66

Multiple Choice

Which of the following is not a characteristic of long-run equilibrium in a monopolistically competitive market?

• A)Selling price equals average total cost.
• B)Production is at minimum average total cost.
• C)Marginal revenue equals marginal cost.
• D)Selling price is greater than marginal cost.

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Definitions:

Equity

Fairness and justice in the distribution of resources and treatment of individuals within a society.

Rewards

Benefits, monetary or otherwise, given to individuals as recognition for their efforts, achievements, or behavior.

Costs

The expenditure of resources such as money, time, or effort required for a particular action or in exchange for something.

Cognitive Phenomena

This refers to events or occurrences that involve the mental processes of perception, memory, judgment, and reasoning, highlighting how the mind operates.