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Practice Question: Monopolistic Competition

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Wize University Microeconomics Textbook > Monopolistic Competition

Short Run vs Long Run Equilibrium

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The market for burgers is a monopolistic competition. The Emin burgers faces the following curves.

1) In the short run, this firm

a) earns a positive economic profit
b) earns a negative economic profit
c) breaks even
d) creates a level of output at which there is no deadweight loss


2) In the long run, which of the following will occur?

a) this firm will earn more than it does in the short run
b) this firm will produce more than it does in the short run
c) the demand curve for this firm will shift to the left
d) the supply curve for this firm will shift to the left

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Use the following info to answer the question
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