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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 21
Key Concept: Long-Run Monopolistic Competition
In the long run, the economic profits of Hoot's Chicken 'n' Ribs, a monopolistic competitor, are
A) not eliminated, because competition is not perfect.
B) not eliminated, because the demand curve slopes downward.
C) eliminated due to firms entering the industry.
D) eliminated due to firms leaving the industry.
E) not eliminated, because firms cannot enter the industry.
Causation Chain Game
A Monopolistically Competitive Firm in the Long Run-Exhibit 3
In the long run, the economic profits of Hoot's Chicken 'n' Ribs, a monopolistic competitor, are
A) not eliminated, because competition is not perfect.
B) not eliminated, because the demand curve slopes downward.
C) eliminated due to firms entering the industry.
D) eliminated due to firms leaving the industry.
E) not eliminated, because firms cannot enter the industry.
Causation Chain Game
A Monopolistically Competitive Firm in the Long Run-Exhibit 3
Explanation
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HC R is selling a product in monopolisti...
Economics for Today 9th Edition by Irvin Tucker
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