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Which of the following accurately describes a monopolistically competitive market? A)Barriers to entry or exit secure firms' long-term economic profits. B)An individual firm's demand curve
Which of the following accurately describes a monopolistically competitive market?
A)Barriers to entry or exit secure firms' long-term economic profits.
B)An individual firm's demand curve is perfectly elastic.
C)Firms will earn normal profit in long-run equilibrium.
D)Production is inefficient in the short run and efficient in the long run.
E)Firms will produce more and charge less than firms in perfect competition.
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