When a group of monopolistic competition attains the equilibrium, the firms in the group
A) charge different prices, but produce identical outputs
B) produce different output, but charge the same price
C) charge different price and produce different output
D) none of the above
Correct Answer:
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Q7: Free entry into monopolistically competitive market ensures
Q8: Under monopolistic competition, the long run equilibrium
Q9: In short run a firms in monopolistic
Q10: In long run all the firms in
Q11: The short run equilibrium level of output
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
Q16: The best or optimum level of output
Q17: Which type of competition leads to maximum
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