Which of the Following Is True in the Long Run

question 33

Multiple Choice

Which of the following is true in the long run under monopolistic competition?

• A) P = MC.
• B) P = AC.
• C) P > AC > MC.
• D) Price > AC = MC.
• E) MR > MC.

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Definitions:

Acre-Foot

An acre-foot is a unit of volume commonly used in the United States to measure large-scale water resources, such as in reservoirs and lakes, equating to the volume of water needed to cover one acre of land to a depth of one foot.

Football Field

A playing surface, typically measuring 100 yards (91.44 meters) long and 53.3 yards (48.77 meters) wide, used for American football games.

Gallons

A unit of fluid volume measurement used in the US and the British imperial system, equal to 3.785 liters in the US.

Water Table

The upper surface of the saturated zone in an unconfined aquifer, below which the ground is fully saturated with water.