Firms that operate in a perfectly competitive industry __.Multiple choice question.make long-run or normal profitsdifferentiate their productsdo not differentiate their productsnever incur short-run profits

Which of the following is true about a monopolistically competitive firm?Group of answer choicesIt can earn an economic profit in the short run, but not the long run.It can earn an economic profit in the short run and the long run.It can earn an economic profit in the long run, but not the short run.It cannot earn a economic profit in either the short or long run.

Multiple Choice QuestionA monopolistically competitive firm may be able to continue earning greater than a normal profit in the long run Blank______.Multiple choice question.by decreasing varietyby not spending on advertisingthrough further product differentiationby standardizing its product

Multiple Choice QuestionIn long-run equilibrium, monopolistically competitive firms will show a(n) Blank______.Multiple choice question.above-normal profitnormal profitincreasing lossbelow-normal profit

Multiple Choice QuestionA(n) Blank______ is able to maintain an economic profit in the long run because there are no new entrants to increase supply, drive down price, and eliminate economic profit.Multiple choice question.oligopolistic firmmonopolistically competitive firmperfectly competitive firmmonopoly

Which of the following statements is true regarding profit maximising firms operating in perfect competition?A    Firms are productively efficient in the short run and allocatively inefficient in the long runB    Firms are dynamically efficient in the long runC    Firms are productively and allocatively efficient in the short runD    Firms are allocatively efficient in the short run and productively efficient in the long run