characteristics of mono Equilibrium in the purely competitive market results in:

Question

characteristics of mono Equilibrium in the purely competitive market results in: A. An efficient use of society's scarce resources. B. Zero economic profits for entrepreneurs in that industry. C. Low prices but no variety in the products being produced. D All of the above Which of the following is true of equilibrium in the monopolistically competitive market model? Economic profits are zero at equilibrium The firm produces at the point where MC=MR Economic efficiency is not achieved. All of the above statements are characteristic of the monopolistically competitive model in equilibrium.

Explanation / Answer

D. all of the above are features of pure competition. D. all of the above are features of monopolistic competition.

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