How is price related to marginal and average total cost

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Reference no: EM131443195

Question: How is price related to marginal and average total cost for monopolistically competitive firms in the following situations?

a. a short-run equilibrium where it is earning positive economic profits

b. a short-run equilibrium where it is earning negative economic profits

c. a short-run equilibrium where it is earning zero economic profits

d. a long-run equilibrium

Reference no: EM131443195

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