Multiple Choice
Does the monopolistic competitive firm exhibit resource-allocative efficiency?
A) No, because at its chosen quantity of output, price does not equal the lowest possible average total cost.
B) Yes, because at its chosen quantity of output, price equals marginal cost.
C) No, because at its chosen quantity of output, price is greater than marginal cost.
D) Yes, because at its chosen quantity of output, price is less than marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
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