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Economics5th EditionAnthony P. O'Brien, R. Glenn Hubbard 655 solutions Which of the following is true about monopolistic competitive firms?The correct option is c. It can earn an economic profit in the short run, but not the long run. A monopolistically competitive firm is faced with the highly elastic downward sloping demand curve, which implies that a small change in price will have appreciable effects on demand.
What is true about firms in monopolistic competition in the short run?In the short run, a monopolistically competitive firm maximizes profit or minimizes losses by producing that quantity where marginal revenue = marginal cost. If average total cost is below the market price, then the firm will earn an economic profit.
Which of the following is true of both monopolistically competitive and perfectly competitive?The correct answer is C. Marginal revenue is equal to marginal cost. Both, monopoly and perfect competition, maximize profits when firms produce the output level at which marginal revenue equals marginal cost (MR=MC).
What is true about firms in monopolistic competition in the short run quizlet?What is true about firms in monopolistic competition in the short-run? Monopolistically competitive firms can generate an economic profit, a normal profit, or an economic loss.
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Which of the following is true about a monopolistically competitive firm group of answer choices?
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