Monopolistic Competition Is Considered by Some to Be Inefficient Because

question 359

Multiple Choice

Monopolistic competition is considered by some to be inefficient because

• A) price exceeds marginal cost.
• B) output is excessive.
• C) long-run profits are positive.
• D) barriers to entry limit the number of firms in the market.

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Definitions:

Chair Conformation

A three-dimensional geometric shape that is the most stable and common conformation of cyclohexane, resembling a chair.

Axial

Relating to a position or direction along the axis of a structure or molecule, often used in the context of molecular geometry.

Sex Hormones

Chemical substances that serve as messengers affecting the function of specific target organs responsible for secondary sex characteristics and reproductive activity.

Steroids

A class of lipids that have a basic structure consisting of four linked carbon rings, and include many hormones, alkaloids, and vitamins.