Solve both the questions with step by step correct explanation of other options within 40 min I'll give multiple upvotes only for correct answer.thank you in advance Question 1In the long-run, competitive firms want to exit industries in whichP = MC.P> MC.P> ATC.OP Which of the following statements is true for firms in monopolistic competition?O Firms face barriers to enter the market.Firms sell differentiated products.The long-run economic profit is greater than zero.Firms are price-takers and thus do not have market power.

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In the long-run, competitive firms want to exit industries in which P = MC. O P> MC. OP > ATC. OP

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 33CTQ: Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the...

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Solve both the questions with step by step correct explanation of other options within 40 min I'll give multiple upvotes only for correct answer.thank you in advance

Which of the following statements is true for firms in monopolistic competition?
O Firms face barriers to enter the market.
Firms sell differentiated products.
The long-run economic profit is greater than zero.
Firms are price-takers and thus do not have market power.

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