Which of the following statements regarding the efficiency of monopolistic competition is FALSE?
A) Compared to a situation with total product uniformity, monopolistic competition might be efficient.
B) Resources are used efficiently when marginal social benefits equals marginal social cost.
C) Monopolistic competition is definitely inefficient because price exceeds marginal cost.
D) A greater degree of product variety creates a loss because the quantity produced is less than the efficient quantity.
Question 2
An indifference curve will become ________ the origin the more that the consumer considers the two goods as complements.
A) more bowed-in towards
B) less bowed-in towards
C) less bowed-out from
D) more bowed-out from
Competition among Paramecium species.
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