Does the fact that monopolistically competitive markets are not allocatively or productively efficient mean that there is

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Does the fact that monopolistically competitive markets are not allocatively or productively efficient mean that there is a significant loss in economic well-being to society in these markets? In your answer, be sure to define what you mean by "economic well-being."
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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