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Which of the following is correct for a monopolistically competitive market?Monopolistic competition is the one in which there are large number of producers selling dissimilar products.
Which of the following statements about a monopolistic competition is false?Answer and Explanation: The following statement regarding a monopolist is false: c. The monopolist sets price equal to the marginal cost to maximize profits. A monopolist produces a quantity of outputs where marginal revenue is equal to the marginal cost uses that quantity in the demand function to determine the price.
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.
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Which of the following statements is true for a monopolistically competitive firm *?
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