In the long run, firms in monopolistic competition always will a. Earn an economic profit b. Produce at the minimum average total cost c. Produce greater than the minimum average total cost d. Set their price above their marginal cost
In the long run, firms in monopolistic competition always will a. Earn an economic profit b. Produce at the minimum average total cost c. Produce greater than the minimum average total cost d. Set their price above their marginal cost
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter16: Monopolistic Competition
Section: Chapter Questions
Problem 4QCMC
Related questions
Question
In the long run, firms in monopolistic competition always will
a.
Earn an economic profit
b.
Produce at the minimum average total cost
c.
Produce greater than the minimum average total cost
d.
Set their price above their marginal cost
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