if a monopolistically competitive firm is earning positive economic profits in the short-run, then: select an answer and submit. for keyboard navigation, use the up/down arrow keys to select an answer. a these profits will persist in the long-run because of the firm's limited monopoly power. b these profits will be eliminated in the long-run as new firms enter the industry. c its output will increase in the long-run. d price will be driven down to minimum average total cost in the long-run.

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22-11-2022
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if a monopolistically competitive firm is earning positive economic profits in the short-run, then: select an answer and submit. for keyboard navigation, use the up/down arrow keys to select an answer. a these profits will persist in the long-run because of the firm's limited monopoly power. b these profits will be eliminated in the long-run as new firms enter the industry. c its output will increase in the long-run. d price will be driven down to minimum average total cost in the long-run.

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ayfat23 ayfat23 · Answer 1 · 2022-12-01T16:04:38+01:00

If a monopolistically competitive firm is earning positive economic profits in the short-run, then: b these profits will be eliminated in the long-run as new firms enter the industry.

What is a monopolistically competitive firm?

What Is Monopolistic Competition can be described as the competition can be seen as one that exists when many companies offer competing products or services that are similar, even though they can not be regarded as perfect, substitutes.

It should be noted that the barriers to entry in a monopolistic competitive industry can be seen to be low, and the decision among them do not directly affect its competitors.

In conclusion,in a case whereby a monopolistically competitive firm is earning positive economic profits when it is been analysed in the short-run, then these profits will be eliminated in the long-run .

Therefore, option B is correct.

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