One Source of Economic Inefficiency from Monopolistic Competition Is

question 94

Multiple Choice

One source of economic inefficiency from monopolistic competition is

• A) markup.
• B) less variety for consumers.
• C) more variety for consumers.
• D) higher costs because firms can enter the industry.
• E) lower marginal costs,but higher average costs than with perfect competition.

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Definitions:

Bifacial Chopper

A type of prehistoric stone tool with sharp edges on both sides, used by early humans for cutting and chopping.

Hominin Tools

Artifacts made by early humans and their predecessors used for various purposes like hunting and tool-making.

Million Years Ago

A time scale used to describe events or phenomena that occurred a specific number of millions of years in the past.

Oldest

Referring to something or someone with the greatest age in a group or of its kind.