Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that, the efficient scale. firm. Further, the quantity the firm produces in long-run equilibrium is True or False: This indicates that there is excess capacity in the market for razors. O True False at the optimal quantity for each Monopolistically competitive markets may be socially inefficient due to the presence of too many or too few firms. The presence of the externality implies that there is too much entry of new firms in the market.

Because this market is monopolistically competitive, you can tell that it is in long-run equilibrium by the fact that, the efficient scale. firm. Further, the quantity the firm produces in long-run equilibrium is True or False: This indicates that there is excess capacity in the market for razors. O True False at the optimal quantity for each Monopolistically competitive markets may be socially inefficient due to the presence of too many or too few firms. The presence of the externality implies that there is too much entry of new firms in the market.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.2IP

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