Monopolistically Competitive Firms Prevent the Efficient Use of Resources Because

question 3

Multiple Choice

Monopolistically competitive firms prevent the efficient use of resources because in long-run equilibrium

• A)price equals marginal cost.
• B)price is greater than marginal cost.
• C)price is less than marginal cost.
• D)marginal cost is less than average total cost.

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Definitions:

Basalt Magma

A type of magma that is low in silica and typically originates from the upper mantle, leading to the formation of basalt rock upon cooling.

Volcanic Eruptions

A natural geologic process where magma, ash, and gases are expelled from a volcano.

Columbia Plateau

A geologic and geographic region in the Pacific Northwest of the United States, characterized by a predominately basaltic lava landscape.

Flood Basalts

Large-scale volcanic events that result in the extensive outpouring of basalt lava over vast areas, creating thick, layered volcanic rock formations.