Monopolistic competition is inefficient because:
a. firms earn positive economic profits.
b. the firms' marginal costs and marginal revenues are not equal.
c. firms have excess capacity in the long run.
d. entry is difficult.
Question 2
At the unique point of consumer equilibrium, the:
a. distance between indifference curves is maximum.
b. distance between the budget line and the indifference curve is maximum.
c. marginal utility ratio of the two goods is equal.
d. marginal rate of substitution (MRS) equals the slope of the budget line.
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