Which of the Following Is an Advantage to Society of Monopolistic

question 74

Multiple Choice

Which of the following is an advantage to society of monopolistic competition?

• A) Only essential costs are incurred.
• B) The firms have excess capacity so they are always willing to increase their production.
• C) Long-run profitability.
• D) Production at the lowest possible average cost.
• E) Product variety.

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Definitions:

μ

The symbol commonly used to represent the mean or average of a population in statistics.

σ

Represents the standard deviation of a population in statistics, measuring the dispersion of dataset values from the mean.

Normally Distributed

Refers to a probability distribution that is even on both sides of its mean, indicating that values close to the mean happen more often than values far from the mean.

Standard Deviation

Represents the extent to which values in a data set differ from the average value.