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Marizza181 [45]
3 years ago
10

In monopolistically competitive markets, resources are: Group of answer choices overallocated because long-run equilibrium occur

s where price exceeds marginal cost. underallocated because long-run equilibrium occurs where marginal cost exceeds price. overallocated because long-run equilibrium occurs where marginal cost exceeds price. underallocated because long-run equilibrium occurs where price exceeds marginal cost.
Business
1 answer:
sasho [114]3 years ago
3 0

Answer: underallocated because long-run equilibrium occurs where price exceeds marginal cost.

Explanation:

Monopolistic competition occurs when there are many firms that are producing products that are differentiated. It should also be noted that one typical characteristics of a monopolistic competition is a large number of firms coupled with low entry barriers.

It should be noted that in monopolistically competitive markets, resources are underallocated because long-run equilibrium occurs where price exceeds marginal cost..

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