Monopolistically Competitive Industries Are Inefficient Because

question 261

Multiple Choice

Monopolistically competitive industries are inefficient because

• A)they realize diseconomies of scale.
• B)advertising costs retard technological advance and product development.
• C)they are overpopulated with firms whose plants are underutilized.
• D)monopolistically competitive sellers engage in misleading advertising.

---

Definitions:

Oral Will

A will spoken out loud to witnesses in situations where a written will cannot be made, recognized as legally valid in some jurisdictions under specific conditions.

Revoking

The act of officially cancelling or withdrawing something, such as a law, contract, or privilege.

Witnesses

Individuals who have seen something happen or have knowledge of a fact or event and can give testimony about it.

Advance Directives

Legal documents that allow individuals to outline their preferences for medical care if they become unable to make decisions for themselves in the future.