When MR = MC and P = ATC for a monopolistically competitive firm, the firm is inA.neither short?run nor long?run equilibriumB.long-run equilibrium and making lossesC.long-run disequilibrium and making profits.D.short-run disequilibrium and making losses.E.long-run equilibrium and making zero economic profits..A firm can find a comparative advantageA.by differentiating its productB.by having a barrier to entryC.through its organizational structureD.through all of the above choicesE.through none of the above choicesMonopolistically competitive firms prevent the efficient use of resources because in long-run equilibriumA.price is equal to marginal cost. B.price is greater than marginal cost. C. marginal cost is greater than average total cost D.price is less than marginal cost.Economic profit is the best measure of a firm's performance because A.Normal profit is generally too difficult to measure.B.Economic profit fully accounts for all sources of revenue.C.Only explicit costs influence managerial decisions since, in general, only explicit costs can be subtracted from revenue for the purposes of computing taxable profit.D.The opportunity cost of using ALL resources is subtracted from total revenue.E.None of the above
Solution ID:10086601 | Question answered on 16-Oct-2016
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