In the long run, a monopolistically competitive firm produces a quantity that is equal to the efficient scale. Option a is correct.
<h3>What is a monopolistically competitive firm?</h3>
Monopolistic competition firm is described as an industry in which a large number of enterprises compete for the same but not identical products or services.
In a monopolistic competitive firm, entry and exit barriers are minimum, and one firm's decisions have little impact on its competitors.
The firm, in a monopolistically competitive market in the long run, produces such a product where the Marginal Revenue and the marginal Cost gets equals, and equal to the efficient scale.
Therefore, option a is correct.
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