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Under the conditions of monopolistic competition

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Under the conditions of monopolistic competition

Under the conditions of monopolistic competition
A) firm profits are higher in the long run than in the short run.
B) economic profit is zero in the long run.
C) average costs of production are the same in the short run as they are in the long run.
D) price equals marginal cost.

Textbook

Survey of Economics: Principles, Applications and Tools

Edition: 6^th

Authors: O'Sullivan, Sheffrin, Perez

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