In the long run, a representative firm in a monopolistically competitive industry will end up:
Select one:
a. having a larger number of competitors than it will in the short run.
b. producing a level of output at which marginal cost and price are equal.
c. having an elasticity of demand that will be less than it was in the short run.
d. earning a normal profit, but not an economic profit.

Question

03-07-2024
Business

Answered

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In the long run, a representative firm in a monopolistically competitive industry will end up:
Select one:
a. having a larger number of competitors than it will in the short run.
b. producing a level of output at which marginal cost and price are equal.
c. having an elasticity of demand that will be less than it was in the short run.
d. earning a normal profit, but not an economic profit.

Sagot :

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