Solve both the questions with step by step correct explanation of other options within 40 min I'll give multiple upvotes only for correct answer.thank you in advance Question 1In the long-run, competitive firms want to exit industries in whichP = MC.P> MC.P> ATC.OP Which of the following statements is true for firms in monopolistic competition?O Firms face barriers to enter the market.Firms sell differentiated products.The long-run economic profit is greater than zero.Firms are price-takers and thus do not have market power.

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In the long-run, competitive firms want to exit industries in which P = MC. O P> MC. OP > ATC. OP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Solve both the questions with step by step correct explanation of other options within 40 min I'll give multiple upvotes only for correct answer.thank you in advance

Which of the following statements is true for firms in monopolistic competition?
O Firms face barriers to enter the market.
Firms sell differentiated products.
The long-run economic profit is greater than zero.
Firms are price-takers and thus do not have market power.

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