Multiple Choice
A firm in a monopolistically competitive market makes no economic profit in the long run because
A) long-run marginal cost will be too high to make any economic profit.
B) long-run price will be equal to long-run marginal cost.
C) long-run marginal cost will be equal to long-run marginal revenue.
D) long-run price will be equal to long-run average cost.
Correct Answer:
Verified
Correct Answer:
Verified
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