In the Long Run,a Firm in Monopolistic Competition ________ Excess

question 4

Multiple Choice

In the long run,a firm in monopolistic competition ________ excess capacity and a firm in perfect competition ________ excess capacity.

• A) has; has
• B) has; does not have
• C) does not have; has
• D) does not have; does not have
• E) might have; might have

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Definitions:

Throughput

The quantity of goods and materials passing through a system or process in a given period, often used to measure the efficiency of production processes.

Inventory Rate

The speed at which inventory is sold or used over a particular period, often indicating the efficiency of inventory management.

Review Interval

The scheduled period between evaluations of a process, system, or performance, allowing for adjustments and improvements.

Safety Inventory Levels

Quantities of stock kept on hand to protect against variability in demand or supply, ensuring product availability.