\IV hat is true of a monopolistically competitive marketin long-run eqUilibrium?a. Price is greater than margi nal cost.b . Price is equal to marginal revenue.c. Firms make positive economic profits.d. Firms produce at the minimum of average total cost.

Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
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Chapter16: Monopolistic Competition
Section: Chapter Questions
Problem 4QCMC
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\IV hat is true of a monopolistically competitive market
in long-run eqUilibrium?
a. Price is greater than margi nal cost.
b . Price is equal to marginal revenue.
c. Firms make positive economic profits.
d. Firms produce at the minimum of average total cost.
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