If a monopolistically competitive firm is in long-run equilibrium and average cost equals $150, then the market price must be $150.
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Q67: A permanent decrease in demand for convenience
Q68: Exhibit 10-10 Q69: Because of easy entry, monopolistically competitive firms Q70: Exhibit 10-11 Q71: In the long run, the economic profit Q73: A firm will only earn normal profit Q74: If the firms in a monopolistically competitive Q75: In the long run in monopolistic competition, Q76: A profit-maximizing firm in monopolistic competition should Q77: Monopolistic competition is similar to
A)perfect competition because
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