O Macmillan Learning Monopolistic Competition and Product Differentiation-End of Chapter Problem Consider the statement: "In both the short run and in the long run, the typical firm in monopolistic competition and a monopolist each make a profit." a. Is the statement correct with respect to the short run; why or why not? Incorrect. A monopolist will earn positive profits in the short run, whereas a monopolistic competitor will not earn positive profits in the short run. O Correct. Both a monopolistic competitor and a monopolist will earn positive profits in the short run. Incorrect. A monopolist may or may not earn positive profits in the short run, whereas a monopolistic competitor will earn positive profits in the short run. Incorrect. A monopolist will not earn positive profits in the short run, whereas a monopolistic competitor will earn positive profits in the short run. Incorrect. A monopolist will earn positive profis in the short run, whereas a monopolistic competitor may or may not earn positive profits in the short run.

O Macmillan Learning Monopolistic Competition and Product Differentiation-End of Chapter Problem Consider the statement: "In both the short run and in the long run, the typical firm in monopolistic competition and a monopolist each make a profit." a. Is the statement correct with respect to the short run; why or why not? Incorrect. A monopolist will earn positive profits in the short run, whereas a monopolistic competitor will not earn positive profits in the short run. O Correct. Both a monopolistic competitor and a monopolist will earn positive profits in the short run. Incorrect. A monopolist may or may not earn positive profits in the short run, whereas a monopolistic competitor will earn positive profits in the short run. Incorrect. A monopolist will not earn positive profits in the short run, whereas a monopolistic competitor will earn positive profits in the short run. Incorrect. A monopolist will earn positive profis in the short run, whereas a monopolistic competitor may or may not earn positive profits in the short run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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