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A) When choosing the profit-maximizing quantity, the short-r

Paper help Economics A) When choosing the profit-maximizing quantity, the short-r

Economics

A) When choosing the profit-maximizing quantity, the short-r

A) When choosing the profit-maximizing quantity, the short-run deci… Show more Which of the following is true? A) When choosing the profit-maximizing quantity, the short-run decision making process for a firm in perfect competition and a firm in monopolistic competition is the same, since they produce the quantity where MR = MC. B) In the long run in perfect competition economic profits = 0, and in monopolistic competition in the long-run economic profits are = 0. C) In perfect competition P = MC and in monopolistic competition, MR = MC, but P > MC and there is excess capacity. D) All of the above are true. • Show less

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