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Exhibit 11-1 -Refer to Exhibit 11-1. the Profit-Maximizing, Monopolistically Competitive Firm as Competitive

Question 77

Multiple Choice

Exhibit 11-1 Exhibit 11-1 -Refer to Exhibit 11-1. The profit-maximizing, monopolistically competitive firm as represented in the figure A) is in long-run equilibrium. B) is earning only a normal profit in the short run. C) is making an economic profit in the short run. D) will earn the same amount of profit in the short run as in the long run. E) is incurring an economic loss in the short run.
-Refer to Exhibit 11-1. The profit-maximizing, monopolistically competitive firm as represented in the figure

A) is in long-run equilibrium.
B) is earning only a normal profit in the short run.
C) is making an economic profit in the short run.
D) will earn the same amount of profit in the short run as in the long run.
E) is incurring an economic loss in the short run.

Correct Answer: