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

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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