[Solved] Below Is a Graphical Illustration of a Typical Firm Operating

Question 20
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Below is a graphical illustration of a typical firm operating in a monopolistically competitive industry:
img
-Refer to the graph above to answer this question.Which of the following statements is correct?


A)This graph illustrates a short-run situation and some firms will soon exit from the industry.
B)This graph illustrates a short-run situation and new firms will soon enter the industry.
C)This graph illustrates a long-run situation and some firms will soon exit from the industry.
D)This graph illustrates a long-run situation and new firms will soon enter the industry.
E)This graph illustrates what could be either a short-run or a long-run situation.

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