How is price related to marginal and average total cost for monopolistically competitive firms in the following
Question:
a. A short-run equilibrium where it is earning positive economic profits.
b. A short-run equilibrium where it is earning negative economic profits.
c. A short-run equilibrium where it is earning zero economic profits.
d. A long-run equilibrium.
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a If total revenue is greater than total cost at q the firm is generating total economic profits See ...View the full answer
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