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1 4 Monopolistic competition is characterized by excess capacity because 6 Multiple Choice points eBook firms are always profitable in the long run. References firms

14
Monopolistic competition is characterized by excess capacity because
6
Multiple Choice
points
eBook
firms are always profitable in the long run.
References
firms charge a price that is greater than marginal cost.
firms produce at an output level less than the least-cost output.
the demand for a product is perfectly elastic in this type of industry.
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