When monopolistically competitive firms earn ________ profits, ...

[nautica902]

Question 1

Monopolistically competitive firms ________ because in long-run equilibrium price is ________ marginal cost.

◦ prevent the efficient use of resources; less than
◦ prevent the efficient use of resources; greater than
◦ use resources efficiently; greater than
◦ use resources efficiently; equal to

Question 2

When monopolistically competitive firms earn ________ profits, other firms ________ the industry in the long run.

◦ positive economic; exit
◦ normal; enter
◦ negative economic; exit
◦ normal; exit

[jasonq]

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[nautica902]

Thanks

[jasonq]

Welcome