In the long run, a representative firm in a monopolistically competitive industry will end up multiple choice having an elasticity of demand that will be less than it was in the short run. having a larger number of competitors than it will in the short run. earning a normal profit, but not an economic profit. producing a level of output at which marginal cost and price are equal.

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.