In a monopolistically competitive industry, a firm in long run equilibrium will be operating where price is a. greater than average total cost but equal to marginal cost. b. greater than marginal cost but equal to average total cost. c. less than marginal cost but equal to average total cost. d. equal to average total cost and to marginal cost. e. greater than average total cost and greater than marginal cost.

In a monopolistically competitive industry, a firm in long run equilibrium will be operating where price is a. greater than average total cost but equal to marginal cost. b. greater than marginal cost but equal to average total cost. c. less than marginal cost but equal to average total cost. d. equal to average total cost and to marginal cost. e. greater than average total cost and greater than marginal cost.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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