In the long run, a monopolistic competitor:
a. earns a normal rate of return
b. sells a level of output at which marginal revenue is less than price.
c. sells a level of output at which marginal revenue equals marginal cost.
d. is characterized by all of the above.
d
Economics
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An increase in both equilibrium price and quantity is a consequence of a(n): a. increase in supply
b. increase in demand. c. decrease in demand d. decrease in supply
Economics
Explain the source of monopoly power for DeBeers' Diamond Mine in South Africa, Microsoft (owned by Bill Gates), the American Medical Association (which licenses doctors), Polaroid's Instant Picture Cameras, USAir (which owns virtually all the gates at the airport in Charlotte, North Carolina), and electric utilities
Economics