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Marizza181 [45]
3 years ago
14

The traditional view of monopolistic competition holds that this type of industrial structure is inefficient because a. more adv

ertising is needed to inform customers about product differences. b. consumers do not have enough choice among the product varieties available. c. firms do not operate at the output that minimizes average costs. d. there are too few firms to reach an efficient level of production.
Business
1 answer:
Elodia [21]3 years ago
5 0

Answer:

c. firms do not operate at the output that minimizes average costs.

Explanation:

Monopolistic competition is when suppliers sell products that are similar but not equal and they are not perfect substitutes. This type of market is inneficient because companies operate at a profit maximizing output that is less than the output where they have the minimum average cost. According to this, the answer is that the traditional view of monopolistic competition holds that this type of industrial structure is inefficient because firms do not operate at the output that minimizes average costs as they work with excess capacity with an output in which they can maximize their profit.

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Options:

<em>a. Shift to the left, causing the prices of carrots to rise</em>

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<u>Answer:</u>

<u>a. Shift to the left, causing the prices of carrots to rise</u>

<u>Explanation:</u>

Indeed, going by the law of supply and holding all other factors constant, we would expect the supply curve to shift to the left, which implies that there would be an increase in the price of carrots.

What this means is that because there are now fewer carrots in the market as a result of the effects of the bad weather, there would be scarcity and so sellers would increase prices.

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