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A The market is monopolistically competitive and at its long run equilibrium B The market is a monopoly and firms are earning positive profits C The market is an oligopoly and firms are earning positive profits D The market is perfectly competitive and firms are suffering losses E The market is monopolistically competitive and not at its long run equilibrium

A The market is monopolistically competitive and at its long run equilibrium B The market is a monopoly and firms are earning positive profits C The market is an oligopoly and firms are earning positive profits D The market is perfectly competitive and firms are suffering losses E The market is monopolistically competitive and not at its long run equilibrium

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

If this graph represents the market for Sonoran hotdogs in Tucson , which statement is true?

 

 

A

The market is monopolistically competitive and at its long run equilibrium
B

The market is a monopoly and firms are earning positive profits
C

The market is an oligopoly and firms are earning positive profits
D

The market is perfectly competitive and firms are suffering losses
E

The market is monopolistically competitive and not at its long run equilibrium

 

Price and costs (dollars per unit) 4 3 2 1 0 10 20 MR 30 D MC ATC 40 50 60 Quantity (units per day)
Transcribed Image Text:Price and costs (dollars per unit) 4 3 2 1 0 10 20 MR 30 D MC ATC 40 50 60 Quantity (units per day)
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