In the Long Run, Firms in Monopolistic Competition Have Excess

question 154

True/False

In the long run, firms in monopolistic competition have excess capacity.

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Definitions:

Closure

The psychological process of seeking resolution or conclusion to an ambiguous, incomplete, or unresolved issue.

Similarity

The state of being alike or sharing common features, often leading to attraction or cohesion in social relationships.

Self-Serving Bias

A common tendency to attribute one's successes to personal characteristics and failures to external factors.

Situational Attribution

The process of attributing a person's behavior to external or environmental factors, rather than to internal dispositions.