3. Which of the following describes long run equilibrium for a firm
in monopolistic competition with free entry?
- Marginal Revenue = Average Total Cost, Price > Marginal Cost.
- Price > Average Total Cost, Price = Marginal Cost.
- Price > Average Total Cost, Marginal Revenue = Marginal Cost.
- Price = Average Total Cost, Marginal Revenue > Marginal Cost.
- Price = Average Total Cost, Price > Marginal Cost.
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