Which of the following is true for both a monopolistically competitive firm and a perfectly competitive firm in long-run equilibrium? aMarginal cost is greater than marginal revenue. bPrice is greater than marginal cost. cPrice is equal to average total cost. dPrice is equal to marginal cost.

Which of the following is true for a firm in long-run equilibrium in monopolistic competition? aGiven barriers to entry, the firm earns economic profits in long-run equilibrium. bThere is neither allocative nor productive efficiency. cPrice is greater than average total cost in long-run equilibrium. dThe firm is productively efficient, producing at the minimum of long-run average total cost.

For a business operating in monopolistic competition, profit will be maximized when marginal revenue equals marginal cost, but unlike perfect competition, marginal revenue is _____ than price.Multiple choice question.moreless

In long-run equilibrium, the perfectly competitive firm's price is equal to which of the following?Question 6Select one:a.Marginal revenue.b.All of the answers provided are correct.c.Minimum short-run average total cost.d.Short-run marginal cost.Clear my choiceQuestion 7Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIf input prices rise as new, perfectly competitive firms enter an industry we that this is: ....Question 7Select one:a.a decreasing-cost industry.b.none of the answers provided are correct.c.an industry with a decreasing long-run supply curve.d.an increasing-cost industry.

A perfectly competitive firm will maximize profits at the output level where which of the following is true?Group of answer choicesMarginal cost is equal to marginal revenueMarginal cost is equal to total revenueAverage cost is equal to marginal revenueAverage total cost is equal to average revenue

33.The firm under perfect competition will be in short-run equilibrium, when:  A. Rising marginal cost is equal to the minimum average cost  B. Marginal revenue is equal to rising marginal cost  C. Average revenue is equal to average cost  D. Marginal revenue is equal to the falling marginal cost