Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is v the efficient scale. True or False: This indicates that there is excess capacity in the market for shirts. O True O False Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that at the optimal quantity for each firm. Furthermore, the quantity the firm produces in long-run equilibrium is v the efficient scale. True or False: This indicates that there is excess capacity in the market for shirts. O True O False Monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. The presence of the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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