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.
A
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The figure shows the demand for and costs of producing Charlene's Chocolates. If Charlene's Chocolates is a monopoly and charges one price to all customers, then the consumer surplus is ________
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