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An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry. The widget
An empirical study determines that price exceeds marginal cost at the levels of output of firms in long-run equilibrium in the widget industry. The widget industry may therefore a. have firms whose goal is sales maximization. b. be monopolistically competitive. c. All of the responses are correct. d. have firms that act as price leaders
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