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7 Jan 2018
Monopolistically competitive firms
a.
are guaranteed to earn a short-run economic profit
b.
may earn short-run economic profits, although long-run economic profit is typically zero
c.
may earn economic profit both in the short run and in the long run
d.
earn zero economic profit both in the short run and in the long run
e.
can only earn an economic profit in the inelastic portion of their demand curves
Monopolistically competitive firms
| a. | are guaranteed to earn a short-run economic profit |
| b. | may earn short-run economic profits, although long-run economic profit is typically zero |
| c. | may earn economic profit both in the short run and in the long run |
| d. | earn zero economic profit both in the short run and in the long run |
| e. | can only earn an economic profit in the inelastic portion of their demand curves |
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