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Monopolistically competitive firms because in long-run equilibrium price is marginal cost.

autumnnelson123

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Monopolistically competitive firms ________ because in long-run equilibrium price is ________ marginal cost.

Question 1.

In ________ monopolistically competitive equilibrium, there will be neither economic profits nor losses.

▸ short-run

▸ long-run

▸ both short-run and long-run

▸ neither short-run nor long-run

Question 2.

Monopolistically competitive firms ________ because in long-run equilibrium price is ________ marginal cost.

▸ prevent the efficient use of resources; less than

▸ prevent the efficient use of resources; greater than

▸ use resources efficiently; greater than

▸ use resources efficiently; equal to

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

Read 82 times

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emnevius

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More solutions for this book are available here

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autumnnelson123 Author

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Correct

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