Multiple Choice
-Refer to the above figure. Which of the following statements about panel D in the figure is TRUE?
A) The figure represents a long-run equilibrium for a monopolistic competitor.
B) The figure represents an industry long-run equilibrium for monopolistic competition.
C) The figure is in error since it doesn't show the monopolistic competitor making profits in the long run.
D) The figure is in error since it has marginal cost intersecting the ATC curve at a point other than the minimum of ATC.
Correct Answer:
Verified
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