Business, 05.05.2020 21:35, delaneyjane2035

2. In the long run, a representative firm in a monopolistically competitive industry will typically: A. Earn a normal profit, but not an economic profit. B. Have an elasticity of demand that will be less than it was in the short run. C. Have a larger number of competitors than it will in the short run. D. Produce a level of output at which marginal cost and price are equal.

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2. In the long run, a representative firm in a monopolistically competitive industry will typically...