In long-run equilibrium, monopolistic competition entails:
A. an efficient allocation of resources.
B. an overallocation of resources due to inadequate capacity.
C. an underallocation of resources due to excess capacity.
D. production at the minimum attainable average total cost.
A. an efficient allocation of resources.
B. an overallocation of resources due to inadequate capacity.
C. an underallocation of resources due to excess capacity.
D. production at the minimum attainable average total cost.
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The Borda count fails to satisfy which of Kenneth Arrow's properties of a "perfect" voting system?
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