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greygnu641Lv1
6 Oct 2020
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
A. Price will equal marginal cost at the profit-maximizing level of output: profits will be positive in the long-run.
B. Price will always equal average variable cost in the short run and either profits or losses may result in the long run.
C. Marginal revenue will equal marginal cost at the sort run, profit-maximizing level of output; in the long run, economic profit will be zero.
D. Marginal revenue will equal the average total cost in the short run. long-run economic profits will be zero.
Which of the following statements best describes the price, output, and profit conditions of monopolistic competition?
A. Price will equal marginal cost at the profit-maximizing level of output: profits will be positive in the long-run.
B. Price will always equal average variable cost in the short run and either profits or losses may result in the long run.
C. Marginal revenue will equal marginal cost at the sort run, profit-maximizing level of output; in the long run, economic profit will be zero.
D. Marginal revenue will equal the average total cost in the short run. long-run economic profits will be zero.
Divya SinghLv10
25 Oct 2020
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