9 Which of the following statements is TRUE about the economic profits earned by a monopolistic competitor firm in the long run? red ed out of Bag question Select one: O a. Economic profits will tend towards zero since positive profits will attract new firms into the industry. b. Economic profits can be negative since there is so much competition in the market. c. Economic profits can be positive since firms have some degree of monopoly power d. Economic profits will be positive since the firm has a downward-sloping demand curve Next page Previous page