Consider a monopolistically competitive firm in a market in long-run equilibrium.This firm is likely
A) earning a positive economic profit since it is charging a price above marginal cost.
B) earning no economic profit since it is charging a price equal to its marginal cost.
C) earning a positive economic profit since it is charging a price above its average total cost.
D) earning no economic profit since it is charging a price equal to it average total cost.
Correct Answer:
Verified
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