Multiple Choice
If in monopolistic competition in the short run, firms make ________ profits, then in the long run, new firms will enter the market. The ________ each individual firm's product will ________. In the new long-run equilibrium firms will make ________ profit.
A) economic; demand for; decrease; zero economic
B) normal; demand for; increase; zero economic
C) economic; supply of; decrease; an economic
D) economic; supply of; increase; zero economic
Correct Answer:

Verified
Correct Answer:
Verified
Q22: Freedom of entry and exit in monopolistic
Q23: A monopolistically competitive firm is like a
Q24: The Karaoke Channel Online streams professional-grade karaoke
Q25: In the long run, firms in monopolistic
Q26: A monopolistically competitive firm is making a
Q28: Explain the role of advertising in monopolistic
Q29: In monopolistic competition, each firm supplies a
Q30: Which of the following is TRUE regarding
Q31: Monopolistic competition is a market in which
Q32: Which of the following is TRUE regarding