In a long-run monopolistically competitive equilibrium,
A) P = ATC, and ATC is not at its minimum value.
B) P = ATC, and ATC is at its minimum value.
C) P > ATC, and ATC is at its minimum value.
D) P > ATC, and ATC is not at its minimum value.
22) In the long run, both monopolistically competitive and perfectly competitive firms attain
A) lowest cost production.
B) positive economic profits.
C) zero economic profits.
D) productive efficiency.
23) 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.
24) In the long run, a perfectly competitive market produces at ________, whereas the monopolistic competitive firm does not.
A) the output at which the lowest average total cost of production is reached
B) an output level at which positive economic profits exist
C) zero economic profits
D) the point at which MR = MC=ATC
25) The most significant difference between perfect competition and monopolistic competition is that
A) in a perfectly competitive market products are differentiated, while in a monopolistically competitive market products are homogeneous.
B) in a perfectly competitive market products are homogeneous, while in a monopolistically competitive market products are differentiated.
C) in a perfectly competitive market there is a large number of sellers, while in a monopolistically competitive market there is a small number of sellers.
D) in a perfectly competitive market there is a small number of sellers, while in a monopolistically competitive market there is a large number of sellers.
26) How is monopolistic competition like perfect competition? How is it like monopoly?
27) How does the short-run equilibrium of a monopolistic competitor differ from a monopolist? How does it differ from a perfect competitor?
28) Is monopolistic competition efficient? Explain. What is Edward Chamberlin's view about the efficiency of monopolistic competition?
29) According to Edward Chamberlin, is the "differentness" of products a waste of resources? Explain.
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