Multiple Choice
Which one of the following is true for perfect competition,monopolistic competition,and single-price monopoly?
A) Each firm produces an identical good.
B) Each firm makes zero long-run economic profit.
C) The profit maximizing quantity occurs at the quantity at which MC = MR.
D) There is easy entry and exit.
E) Demand is perfectly elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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