Chris received a consumer surplus of $50 when he purchased a watch for $100 . This implies he was willing to pay _____ for the watch

Explain why a monopolistically competitive firm would not want to reduce its price all the way to its minimum average total cost even though doing so would allow it to increase sales?

What will be an ideal response?

Economic efficiency entails getting the smallest amount of output from a given level of input of scarce resources.

Answer the following statement true (T) or false (F)