In What Way Does Long-Run Equilibrium Under Monopolistic Competition Differ

question 60

Multiple Choice

In what way does long-run equilibrium under monopolistic competition differ from long-run equilibrium under perfect competition?

• A)Firms in perfect competition achieve productive and allocative efficiency while firms in monopolistic competition achieve neither allocative nor productive efficiency.
• B)The only difference is that in a monopolistically competitive market there are many brands to choose from while in a perfectly competitive market there is one standard product.
• C)Firms in perfect competition achieve productive efficiency while firms in monopolistic competition achieve allocative efficiency.
• D)Firms in perfect competition achieve allocative efficiency while firms in monopolistic competition achieve brand efficiency.

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Definitions:

Desktop

The primary user interface of a computer's operating system, displayed on the screen upon login, containing icons, files, and applications.

Properties Dialog Box

A UI element that displays the settings or attributes of a file, application, or device for review or modification.

Defragment

The process of consolidating fragmented files on a disk to improve system performance and speed up file access.

Hard Drive

A device used to store vast amounts of data persistently in computers, utilizing magnetic storage.