In monopolistic competition, a firm must determine what price to set for its good because

A common trait of money through history and across cultures is that money

A) was always fiat money. B) was always generally accepted as a means of payment. C) always had mystical properties. D) was always issued by the local government. E) was always based on gold or some other precious commodity.

In long-run equilibrium a perfectly competitive firm will operate where the price is

A) greater than MR but equal to MC and minimum ATC. B) greater than MR and MC, but equal to minimum ATC. C) greater than MC and minimum ATC, but equal to MR. D) equal to MR, MC and minimum to ATC.