In Long-Run Equilibrium, a Monopolistically Competitive Producer Achieves

question 18

Multiple Choice

In long-run equilibrium, a monopolistically competitive producer achieves

• A)neither productive efficiency nor allocative efficiency.
• B)both productive efficiency and allocative efficiency.
• C)productive efficiency but not allocative efficiency.
• D)allocative efficiency but not productive efficiency.

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Definitions:

Shoe Sizes

A numerical indication of the fitting size of a shoe for a person.

Foot Size

A measurement of the length and sometimes width of a person's foot to determine shoe fitting.

Foot Width

The measurement of the breadth of a person's foot, typically relevant in shoe sizing and fit.

Fair Die

A die that has an equal probability of landing on any of its faces.