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 The demand curve of a monopolistically competitive firm is more elastic than that of a monopoly

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 The demand curve of a monopolistically competitive firm is more elastic than that of a monopoly. True False Question 8 1 pts Assume the following is true for a monopolistically competitive firm at its current level of output: MR = $20, MC = $20, AVC = $30, AFC = $25, and P = $40. Which of the following statements is correct regarding the time perspective, profitability, and appropriate action? The firm is in the long run. It has an economic break even. It should stay open. The firm is in the short run. It has an economic profit. It should stay open. The firm is in the short run. It has an economic loss. It should stay open. The firm is in the short run. It has an economic break even. It should shut down. The firm is in the short run. It has an economic loss. It should shut down. More information is needed to answer this question.