Multiple Choice
Which of the following condition are met in the long run equilibrium of the monopolistic competitor earning only normal profit
A) MC=AC
B) P=AC
C) P=MR
D) P=MC
Correct Answer:
Verified
Correct Answer:
Verified
Q13: A monopolistically competitive market is distinguished from
Q14: Under monopolistic competition, super normal profit arise
Q15: When the perfectly competitive firm and industry
Q16: Shut-down point is a point where price
Q17: In the long-period,<br>A)All factors are fixed<br>B)Some factors
Q19: Break-even point is a point where price
Q20: Monopolistic competitive firm fixes the price of
Q21: Monopolistically competitive firms<br>A)Are small in size<br>B)Have small
Q22: Under monopolistic competition, there can be freedom
Q23: Excess capacity is a hallmark of<br>A)Perfect competition<br>B)Monopoly<br>C)Oligopoly<br>D)Monopolistic