Solved: The long-run outcome in a monopolistically competitive industry results in a
Chapter 0, Problem 5(choose chapter or problem)
The long-run outcome in a monopolistically competitive industry results in a. inefficiency because firms earn positive economic profits. b. efficiency due to excess capacity. c. inefficiency due to product diversity. d. efficiency because price exceeds marginal cost. e. a trade-off between higher average total cost and more product diversity.
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