Multiple Choice
Monopolistic competition in a market is characterized by:
A) many firms, downward-sloping demand curves, and zero economic profit in the long run.
B) several dominant firms, perfectly elastic demand curves, and above-normal profits.
C) many firms, perfectly elastic demand curves, and zero economic profit in the long run.
D) several firms, inelastic demand curves, and long-run monopoly profit.
Correct Answer:
Verified
Correct Answer:
Verified
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