Which of the following is NOT a characteristic of long-run equilibrium in monopolistic competition?
A) The firm earns zero economic profit.
B) Price is equal to average total cost.
C) Production occurs at minimum average total cost.
D) Marginal revenue is equal to marginal cost.
E) Price exceeds marginal revenue.
C
Economics
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Holding other things constant, increases in the price level in the US will
a. Cause the dollar to gain value b. Cause the dollar to lose value c. Does not affect the dollar value d. None of the above
Economics
Quantity restrictions benefit which group the most?
A. Suppliers wanting to enter the market B. Consumers C. Government D. Existing suppliers
Economics