Mark manages a firm that is monopolistically competitive with a number of other firms. If Mark's firm is currently in long-run equilibrium, then O Price is greater than marginal cost, and the firm's marginal revenue is equal to average total cost. The firm's marginal revenue is equal to its marginal cost, and price is equal to average total cost. O Price is greater than the firm's marginal revenue, and the firm's marginal cost is greater than average total cost. O Price is greater than the firm's marginal revenue, and the firm's marginal cost is equal to average total cost. O The firm's marginal revenue is greater than marginal cost and price is equal to the firm's average total cost.
Mark manages a firm that is monopolistically competitive with a number of other firms. If Mark's firm is currently in long-run equilibrium, then O Price is greater than marginal cost, and the firm's marginal revenue is equal to average total cost. The firm's marginal revenue is equal to its marginal cost, and price is equal to average total cost. O Price is greater than the firm's marginal revenue, and the firm's marginal cost is greater than average total cost. O Price is greater than the firm's marginal revenue, and the firm's marginal cost is equal to average total cost. O The firm's marginal revenue is greater than marginal cost and price is equal to the firm's average total cost.
Chapter1: Making Economics Decisions
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![Mark manages a firm that is monopolistically competitive with a number of other firms. If Mark's firm is
currently in long-run equilibrium, then
O Price is greater than marginal cost, and the firm's marginal revenue is equal to average total cost.
The firm's marginal revenue is equal to its marginal cost, and price is equal to average total cost.
O Price is greater than the firm's marginal revenue, and the firm's marginal cost is greater than average total cost.
O Price is greater than the firm's marginal revenue, and the firm's marginal cost is equal to average total cost.
O The firm's marginal revenue is greater than marginal cost and price is equal to the firm's average total cost.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0591f0ff-54d3-4fa2-a21d-b394ca5fc4fc%2F859b3ab0-593d-4c6d-8898-e9d2c51c4774%2Fz5tty9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Mark manages a firm that is monopolistically competitive with a number of other firms. If Mark's firm is
currently in long-run equilibrium, then
O Price is greater than marginal cost, and the firm's marginal revenue is equal to average total cost.
The firm's marginal revenue is equal to its marginal cost, and price is equal to average total cost.
O Price is greater than the firm's marginal revenue, and the firm's marginal cost is greater than average total cost.
O Price is greater than the firm's marginal revenue, and the firm's marginal cost is equal to average total cost.
O The firm's marginal revenue is greater than marginal cost and price is equal to the firm's average total cost.
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