It Has Been Argued That in the Long Run Monopolistic

Multiple Choice

It has been argued that in the long run monopolistic competition is inefficient because

A) there are too many firms, each with excess capacity, producing too little output.
B) there are few many firms, each with excess capacity, producing too much output.
C) minimum average total costs are achieved but price exceeds marginal cost.
D) minimum average total costs are not achieved and marginal cost exceeds price.