Asked by
Madeline Owens
on Nov 05, 2024
Verified
The long-run equilibrium for a monopolistically competitive firm is efficient because its profits equal zero in the long run.
Profits Equal Zero
A situation in which a firm's total revenue is exactly equal to its total costs, resulting in no net profit.
- Acquire knowledge on the criteria necessary for long-run stability in monopolistically competitive market structures.
Verified Answer
MR
Learning Objectives
- Acquire knowledge on the criteria necessary for long-run stability in monopolistically competitive market structures.
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