An Empirical Study Determines That Price Exceeds Marginal Cost at the Levels

Multiple Choice

An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry.The widget industry may therefore

A) be monopolistically competitive.
B) have firms whose goal is sales maximization.
C) have firms that act as price leaders.
D) All of the responses are correct.