Refer to the information provided in Figure 15.3 below to answer the question(s) that follow. Figure 15.3
-Refer to Figure 15.3. In the long run, this monopolistic competitive firm should expect

Question

Refer to the information provided in Figure 15.3 below to answer the question(s) that follow.  Figure 15.3
-Refer to Figure 15.3. In the long run, this monopolistic competitive firm should expect

Quizplus · Accepted Answer

In the long run, in a monopolistically competitive market, firms will enter the industry if existing firms are making economic profits. This entry will continue until the profits are eliminated, leading to a situation where firms earn only a normal profit.

Refer to the Information Provided in Figure 15