In Both Competition and Monopolistic Competition,free Entry and Exit Guarantee

question 63

True/False

In both competition and monopolistic competition,free entry and exit guarantee that the industry's output is produced at the least possible cost.

---

Definitions:

Cognitive Dissonance

A psychological discomfort experienced when holding two or more conflicting beliefs, values, or attitudes, often leading to changes in beliefs or behaviors to reduce the dissonance.

Cognitive Dissonance

The unease in one's mind stemming from the coexistence of two or more opposing beliefs, ideas, or values within the same person.

Implicit Attitudes

Unconscious beliefs or feelings towards objects, people, or situations which can influence behavior and perceptions.

Attitude Accessibility

The ease with which an attitude can be retrieved from memory.