Assume that economic profits are earned by monopolistically competitive firms. What will happen in the long run

The economic profits earned by monopolistically competitive firms will be eliminated in the long run.

Explanation:

The elimination of the economic profits in the long run also happens to economic losses in the long run.  They are eliminated by the entry and exit of firms.  Thus, in the long run, all monopolistic competitive firms have zero economic profits and losses in total.  However, in the short run, these firms maximize their profits and minimize their economic losses because they can produce where MR = MC (Marginal Revenue and Marginal Cost are equal).  A monopolistic competitive industry combines elements of monopolistic and competitive markets.

answer: life insurance

explanation:

i think the answer is a. dependable person

i hope this is right!