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Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,691 solutions What is true of a monopolistically competitive market in a long run equilibrium?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.
Which of the following is true under monopolistic competition in the long run?The answer is a Profits are always zero. In monopolistic competition, the supernormal profits made in the short run attracts many firms to join the market, and thus these supernormal profits are shared among many firms and in the long run, firms earn normal or zero profits.
Which of the following is not true of long run equilibrium in monopolistic competition?Answer and Explanation: (a.) Production is at minimum average total cost is NOT a characteristic of long-run equilibrium in a monopolistic competitive market.
How is long run equilibrium attained in monopolistic competition?The long-run equilibrium of monopolistically competitive organizations is achieved when average revenue is equal to average cost. In such a case, organizations receive normal profits.
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What is true of a monopolistically competitive market in long run equilibrium quizlet?
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