In the Long Run,both Monopolistic Competition and Competitive Markets Result

question 20

Multiple Choice

In the long run,both monopolistic competition and competitive markets result in

• A) a wide variety of brand-name choices for consumers.
• B) an inefficient allocation of resources.
• C) zero economic profit for firms.
• D) excess capacity.
• E) insufficient capacity.

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Definitions:

Developing Societies

Nations or social groups characterized by a lower level of industrialization, technological advancement, and economic wealth.

Crimean Peninsula

A major land mass on the northern coast of the Black Sea, known for its strategic military importance and diverse history.

Breakaway

Describes entities or individuals that separate from larger groups to form their own group or pursue independent objectives, often used in political and sporting contexts.

Social Media

Digital platforms and technologies that enable users to create, share, or exchange information, ideas, and content in virtual communities and networks.