Which of the following accurately describe where long-run equilibrium happens in the monopolistically competitive firm?





a. At P and q*, long-run demand equals average marginal cost and long-run marginal revenue equals total cost.

b. At 0 and q*, long-run demand equals average total cost and long-run marginal revenue equals marginal cost.

c. At P and q*, long-run demand equals average total cost and long-run marginal revenue equals marginal cost.

d. At 0 and q*, long-run demand equals average marginal cost and long-run marginal revenue equals total cost.


c. At P and q*, long-run demand equals average total cost and long-run marginal revenue equals marginal cost.

Economics

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