Business, 10.05.2021 19:30 Itsjazzyyy001

Monopolistically competitive product markets are inefficient because price equals the marginal value to the buyer of the last item produced price equals the marginal value to the buyer of the last item produced short-run economic profit-making opportunities exist short-run economic profit-making opportunities exist excessive competition prevents other firms from entering the market excessive competition prevents other firms from entering the market price is greater than marginal cost price is greater than marginal cost

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Monopolistically competitive product markets are inefficient because price equals the marginal value...