Economics · Market Structures
The long-run equilibrium outcomes in monopolistic competition and perfect competition are similar because in both market structures:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The efficient output level (minimum AC) will be produced in the long run
- 2Firms will have an excess capacity in the long run
- 3Firms will only earn normal profits in the long run✓
- 4Firms realize all possible economies of scale
Correct answer
Firms will only earn normal profits in the long run
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