Multiple Choice
The model of monopolistic competition characterizes the market for plumbing services in a city.Suppose that the market is in long-run equilibrium.For a typical plumbing firm,price:
A) equals average total cost.
B) exceeds average total cost.
C) is less than average total cost.
D) is greater than the average for all other firms in the market.
Correct Answer:
Verified
Correct Answer:
Verified
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