In long run all the firms in the monopolistic competition
A) always earns profit
B) incurs loss
C) earns normal profit only
D) may earn normal profit, abnormal profit or incur losses
Correct Answer:
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Q5: The book "The Economics of Imperfect Competition"
Q6: It is assumed that the cost curves
Q7: Free entry into monopolistically competitive market ensures
Q8: Under monopolistic competition, the long run equilibrium
Q9: In short run a firms in monopolistic
Q11: The short run equilibrium level of output
Q12: When a group of monopolistic competition attains
Q13: The elasticity of average revenue curve of
Q14: Under monopolistic competition, the demand curve of
Q15: When demand curve is elastic, MR is
A)1
B)0
C)positive
D)negative
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