Under the conditions of monopolistic competition

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Reference no: EM131003395

Under the conditions of monopolistic competition:

a. firm profits are always higher in the long run than in the short run.

b. average costs of production are always higher in the short run than in the long run.

c. prices are always lower in the long run than in the short run.

d. None of these is correct.

Reference no: EM131003395

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