The level of output produced by a monopolistically competitive industry:
a. ensures profit in the long run.
b. is productively efficient
c. causes a deadweight loss.
d. is allocatively efficient.
c
Economics
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The law of diminishing marginal returns
A) implies that the marginal product of labor must fall. B) requires using superior technology to increase output. C) means that total output will always fall. D) None of the above.
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Featherbedding is a union practice designed to increase employment of union members
a. True b. False
Economics