It Has Been Argued That in the Long Run Monopolistic

question 121

Multiple Choice

It has been argued that in the long run monopolistic competition is inefficient because

• A) there are too many firms, each with excess capacity, producing too little output.
• B) there are few many firms, each with excess capacity, producing too much output.
• C) minimum average total costs are achieved but price exceeds marginal cost.
• D) minimum average total costs are not achieved and marginal cost exceeds price.

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Definitions:

Periodontal Ligament

Connective tissue that surrounds the tooth root and attaches it to its bony socket.

Pulp Cavity

The central part of a tooth containing nerves and blood vessels, vital for the tooth's nutrition and sensitivity.

Apical Foramen

Opening at the apex of the root of a tooth; gives passage to the nerve and blood vessels.

Cementum

Layer of modified bone covering the dentin of the root and neck of a tooth; blends with the fibers of the periodontal membrane.