Question: 5. What is an important difference between the situations faced by a profit-maximizing monopolistically competitive firm in the short run and in the long run?

5. What is an important difference between the situations faced by a profit-maximizing monopolistically competitive firm in the short run and in the long run? a. In the short run, price may exceed marginal revenue; in the long run, price equals marginal revenue. b. In the short run, price may exceed marginal cost; in the long run, price equals marginal cost. c. In the short run, price may exceed average total cost; in the long run, price equals average total cost. d. In the short run, price may exceed average variable cost; in the long run, price equals average variable cost
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