Which of these changes is likely to be witnessed by a monopolistically competitive firm in the long run if it incurs a loss in the short run?
a. The demand curve faced by it will become horizontal.
b. The market price of its product will increase
c. Its average cost of production will decrease.
d. Its marginal cost of production will decrease.
b
Economics
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To determine total cost, the businessperson must know
a. input quantity and output price. b. output quantity and output price. c. output quantity and input price. d. input quantity and input price.
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