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All of the following are characteristics of long-run equilibrium for firms in a monopolistically competitive market except:

A. price equals marginal cost.
B. price equals average total cost.
C. price exceeds the minimum of average total cost.
D. marginal cost equals marginal revenue.

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Answer:

C. price exceeds the minimum of average total cost.

Explanation:

In a monopolistic competitive market, the firm makes profit when MC (Marginal Cost) equals MR (Marginal Revenue).  Price also equal average total cost.

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