In a long-run equilibrium in a monopolistically competitive industry that produces information products, revenues are equal to the ________ costs of developing, producing, and selling the product.

Question

Quizplus · Accepted Answer

In the long-run equilibrium, the firms in a monopolistically competitive industry earn zero economic profit. This means that their total revenues are equal to their total costs, which includes the fixed and variable costs of developing, producing, and selling the product. Therefore, the correct answer is A) Total.

In a Long-Run Equilibrium in a Monopolistically Competitive Industry That