A monopolistically competitive firm that is profitable in the short run will face competition that will eventually eliminate the firm's profits in the long run. But the firm can stave off competition and continue to earn economic profits if
A) it can lobby the government to establish a price floor for its product.
B) it can find new ways to differentiate its product.
C) it can move to another country where there is less competition.
D) it can successfully sue its competitors for copyright infringement.
Question 2
Refer to Figure 15-3. What happens to the monopolist represented in the diagram in the long run?
A) It will be forced out of business by more efficient producers.
B) It will raise its price at least until it breaks even.
C) If the cost and demand curves remain the same, it will exit the market.
D) The government will subsidize the monopoly to enable it to break even.
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