Which of the following is generally true of a monopolistic competitor operating in the long run?
a. price equal to minimum average total cost
b. marginal cost exceeds marginal revenue
c. marginal revenue exceeds marginal cost
d. price exceeds marginal cost
d
Economics
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What does elasticity of demand measure?
(A) The amount of time consumers need to change their demand for a good. (B) A decrease in the quantity demanded. (C) An increase in the quantity available. (D) How buyers will cut back or increase their demand when price rises or falls.
Economics
The short-run equilibrium price level and real GDP is derived where the short-run aggregate supply (SRAS) curve intersects the long-run aggregate supply (LRAS) curve
Indicate whether the statement is true or false
Economics