A manufacturer produces two models of elliptical cross-training exercise machines. The times for assembling, finishing, and packaging model X are 3 hours, 3 hours, and 0.8 hour, respectively. The times for model Y are 4 hours, 2.5 hours, and 0.4 hour. The total times available for assembling, finishing, and packaging are 3000 hours, 2100 hours, and 500 hours, respectively. The profits per unit are $300 for model X and $375 for model Y. What is the optimal production level for each model

Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact thatmr=mc at the optimal quantity for each firm. furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium isless than the minimum average total cost. true or false: this indicates that there is a markup on marginal cost in the market for engines. true false monopolistic competition may also be socially inefficient because there are too many or too few firms in the market. the presence of the externality implies that there is too little entry of new firms in the market.