In long-run competitive equilibrium it is possible for firm owners to
A. earn both rent and economic profit.
B. earn rent but not economic profit.
C. earn both economic profit and rent.
D. both b and c
E. both a and c
Answer: D
Economics
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A) Country A B) Country B C) Country C D) Country D
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Which of the following is true of long-run equilibrium price in a monopolistically competitive market?
A) It is equal to average total cost. B) It is less than average total cost. C) It is higher than average total cost. D) It is lower than marginal cost.
Economics