Because consumers value product variety
A) society must be more efficient with monopolistic competition than with perfect competition.
B) the inefficiency and deadweight loss created by monopolistic competition is offset.
C) in the long run, monopolistically competitive firms earn an economic profit.
D) monopolistically competitive industries are efficient.
B
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Changes in the amount of goods produced, but not sold in a given year is called:
A) inventory investment B) business fixed investment C) residential fixed investment D) consumption
Which of the following statements accurately describes a difference between a firm that is a monopolist and one that is a competitive price taker?
a. Marginal revenue and market price are equal for the competitive price taker but not for the monopolist. b. The monopolist does not always produce the output that equates marginal cost and marginal revenue; the competitive price taker does. c. The monopolist charges the highest price possible; the competitive price taker charges a price equal to its per-unit cost. d. A monopolist can earn economic profit in the short run; a competitive price taker cannot.
An organization chart reveals all the formal and informal alliances between the various levels and departments within the organization
Indicate whether the statement is true or false
When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false