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ENGR.ECONOMIC ANALYSIS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. bubbled is the wrong answer

Which of the following statements is correct regarding profit-
maximizing firms in the long run?
In perfect competition, firms produce an output at which price is
less than marginal cost.
In monopolistic competition, firms produce less than the output at
which average total cost is minimized.
In perfect competition, firms produce an output at which price is
greater than marginal cost.
In monopolistic competition, firms produce more than the output at
which average total cost is minimized.

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