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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Is a monopolistically competitive firm productively efficient? Is it allocatively efficient? Why or why not?

To determine

Whether a monopolistically competitive firm is productively efficient? Is it allocatively efficient? Why or why not?

Explanation

Monopolistic Competition: is a kind of imperfect competition where there are large number of producers each sell differentiated products and there is freedom of entry and exit in the long run.

A monopolistically competitive firm is not productively efficient as at the minimum average cost curve it does not produce...

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