Which of the following statements is TRUE for a monopolistically competitive firm in the long run?

Name: Which of the following statements is TRUE for a monopolistically competitive firm in the long run?
Brand: Quizplus
Rating: 4.8 (62 reviews)

Question

Quizplus · Accepted Answer

In the long run, a monopolistically competitive firm will produce at a point where price (P) equals average total cost (ATC) to make zero economic profit, but this does not necessarily align with where P equals marginal revenue (MR), as it would in perfect competition.

Which of the Following Statements Is TRUE for a Monopolistically