Determine whether the statements is true, false, or uncertain.  If the statement is false or uncertain, please correct the statement to make it true.  If the statement is true, please explain your answer briefly.  Include a short definition of any CAPITALIZED term.  1. In a long-run equilibrium, both perfectly competitive markets and MONOPOLISTIC COMPETITIVE MARKETS have price equal to average total cost.  (Define monopolistic competition)

Microeconomics A Contemporary Intro
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Chapter10: Monopolistic Competition And Oligopoly
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Determine whether the statements is true, false, or uncertain.  If the statement is false or uncertain, please correct the statement to make it true.  If the statement is true, please explain your answer briefly.  Include a short definition of any CAPITALIZED term. 

1. In a long-run equilibrium, both perfectly competitive markets and MONOPOLISTIC COMPETITIVE MARKETS have price equal to average total cost.  (Define monopolistic competition)

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