0/16 answered OT Q1 Monopolistic competition is inefficient compared to perfect competition markets because.. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Firms earn a profit. b Entry into the market is difficult for new firms. C price is higher than the minimum ATC at the point of output. d the price is lower than the ATC where MR=MC Unanswered a Sa Q2 If a firm has "mark up" in relation to the price it charges, then it has some level of market power in its production decisions. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a True b False 64OF Clear