Which of the following is true for a firm operating under perfect competition, monopolistic competition and monopoly?
A) Firms earn positive economic profits in the long run.
B) Firms earn zero economic profits in the long run.
C) Profits are maximised when marginal cost equals marginal revenue.
D) Price equals marginal cost.
Correct Answer:
Verified
Q50: An oligopoly is a market structure in
Q51: Which of the following statements is true:
A)
Q52: A monopolistically competitive firm misallocates resources because:
A)
Q53: In the long run, profitability of the
Q54: Narrbegin Exhibit 9.1 A monopolistic competitive firm
Q56: Narrbegin Exhibit 9.2 A monopolistically competitive firm
Q57: To maximise long-run profits, the monopolistically competitive
Q58: The model of monopolistic competition is:
A) a
Q59: In the short run the monopolistic firm's
Q60: Narrbegin Exhibit 9.1 A monopolistic competitive firm
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