In the Long Run, Prices in a Monopolistically Competitive Industry

question 101

Multiple Choice

In the long run, prices in a monopolistically competitive industry will be ________ prices without trade.

• A) higher than
• B) lower than
• C) equal to
• D) the same as

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Definitions:

Simple Columnar

Refers to a single layer of tall, closely packed cells, lining organs such as the digestive tract, where they serve functions in absorption, secretion, or protection.

Thoracic

Pertaining to the chest region, which houses the heart and lungs among other organs.

Synovial

Referencing the lubricative fluid found within the cavities of synovial joints, aiding in smooth movement.