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Economics
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28 Nov 2019

If a monopolistically competitive market is in long-run equilibrium, each firm

a. charges a price which is higher than long-run marginal cost.

b. earns economic profits.

c. produces that level of output at which long-run average cost is minimum.

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Reid Wolff
Reid WolffLv2
27 May 2019
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Related questions

A. Where will price and quantity be in the long run for this monopolistically competitive firm

B. Where will the minimum average total cost will be and the corresponding quantity

- Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that _____ at the optimal quantity. Furthermore, the quantity the firm produces in the long-run equilibrium is _____ the efficient scale

The theory of monopolistic competition predicts that in the long-run equilibrium, a monopolistic competitive firm will

a. produce the output level at which price equals long-run marginal cost.

b. operate at minimum long-run average cost.

c. produce the output level at which price equals long-run average cost.


 

The theory of monopolistic competition predicts that in long-run equilibrium, a monopolistically competitive firm will:
 
(a.) produce at the level in which price equals long-run average cost.
 
(b.) operate at minimum long-run average cost.
 
(c.) overutilize its insufficient capacity.
 
(d.) None of the above answers are correct.
 

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