Question

which of the following statements are true for both monopolistically competitive markets and monopoly markets? check all that apply. firms can earn positive profit in the long run. firms are not price takers. price equals average total cost in the long run. firms earn zero profit in the long run.

Answer 1

According to the claim, monopolistic competition makes others believe that its product is superior.

Why do you use the word "market"?

Market: A mechanism whereby buyers and sellers come into touch with one another, both directly and through intermediary agents or organizations, and supply goods and services.

What does a company' market entail?

A bazaar is a process in which the parties come together to transact business. Markets might be real-world, like a physical store, or digital, like an online merchant. The black market, the auctions market, as well as the financial market are more examples.

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The complete question is-

Which of the following statements are true about both monopolistic competition and monopolies?

a. Price equals average total cost in the long run.

b. Price is above marginal cost.

c. Firms are not price takers.

d. Firms can earn positive profit in the long run.