The Judges of Supreme Court hold office till they reach the age of

Options

A. 58 years
B. 62 years
C. 65 years
D. 60 years

Answer

C

Explanation

A monopolistic firm can have equilibrium in the short-term as well as long-term. Under short-run equilibrium of the firm under monopolistic competition, the firm maximizes its profits and produces a quantity where the firm.s marginal revenue (MR) is equal to its marginal cost (MC). Under long-run equilibrium of the firm under monopolistic competition, the firm still produces a quantity where marginal cost and marginal revenue are equal. However, the demand curve shifts as other firms inter the market and increase competition.