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Recommended textbook solutions Principles of Economics8th EditionN. Gregory Mankiw 1,333 solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Cambridge IGCSE Business Studies4th EditionKaren Borrington, Peter Stimpson 467 solutions Essentials of Economics6th EditionN. Gregory Mankiw 854 solutions Which of the following is true for both a monopolistically competitive firm in a perfectly competitive firm in the long run equilibrium?Answer and Explanation: The correct answer is c. Profits are always zero. The major difference between monopolistically competitive firms and perfectly competitive firms is that monopolistically competitive firms produce differentiated product.
Which of the following is true for both perfectly competitive and monopolistically?The correct answer is C. Marginal revenue is equal to marginal cost. Both, monopoly and perfect competition, maximize profits when firms produce the output level at which marginal revenue equals marginal cost (MR=MC).
Which of the following choices is true of firms in both perfect competition and monopolistic competition quizlet?Both monopolistically competitive and perfectly competitive firms produce where marginal revenue equals marginal cost. True, in order to maximize profit, monopolistically competitive firms produce where marginal revenue equals marginal cost.
What is true about the long run equilibrium for firms in a monopolistically competitive industry?Long Run Equilibrium of Monopolistic Competition: In the long run, a firm in a monopolistic competitive market will product the amount of goods where the long run marginal cost (LRMC) curve intersects marginal revenue (MR). The price will be set where the quantity produced falls on the average revenue (AR) curve.
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Which of the following is true of both monopolistically competitive and perfectly competitive firms in long run equilibrium *?
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