Why do most firms in monopolistic competition typically make zero profit in the long run?
A) because the lack of entry barriers would compete away profits
B) because the total market is not large enough to accommodate so many firms
C) because firms do not produce at their minimum efficient scale
D) because firms produce differentiated products
Question 2
Profit is the difference between
A) total revenue and total explicit cost. B) total revenue and total cost.
C) total revenue and variable cost. D) marginal revenue and marginal cost.
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