Multiple Choice
Figure 16-5
The figure is drawn for a monopolistically competitive firm. 
-Refer to Figure 16-5. As the figure is drawn, the firm is in
A) a short-run equilibrium but it is not in a long-run equilibrium.
B) a long-run equilibrium but it is not in a short-run equilibrium.
C) a short-run equilibrium as well as a long-run equilibrium.
D) neither a short-run equilibrium nor a long-run equilibrium.
Correct Answer:
Verified
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