In the long run in a monopolistic competitive industry,
a. economic profits will be positive.
b. price will be driven to zero.
c. the firm will not operate where MR = MC.
d. economic profit will be zero.
e. price will exceed average cost.
d
Economics
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Monopolists are criticized because they are inefficient. What is meant by this statement?
a. Monopolists charge too high a price. b. Monopolists don't innovate enough to control pollution. c. Monopolists produce a large quantity of waste. d. Monopolists usually don't produce at the minimum of the ATC. e. Monopolists could use their resources better elsewhere.
Economics
Minerals, animals, water and forests are all considered to be part of the resource category known as
A) capital B) entrepreneurship C) labor D) land E) none of the above
Economics