53 A monopolistically competitive firm Doperates at a socially efficient level since price is greater than marginal cost. out of Ooperates with a deadweight loss since price is equal to marginal cost. question Ooperates at a socially efficient level since price is equal to marginal cost. Ooperates with a deadweight loss since price is greater than marginal cost. 54 A monopolistically competitive firm operates at its efficient scale in the long run. OTrue out of OFalse question 55 Which of the following is correct for a monopolist and monopolistically competitive firm? OA monopolist maximizes profits when marginal revenue equals marginal cost and a monopolistically competitive firm maximizes profits when price equals out of marginal cost. question OA monopolist and monopolistically competitive firm each maximize profits when marginal revenue is equal to marginal cost. OA monopolist and monopolistically competitive firm each maximize profits when price is equal to marginal cost, OA monopolist maximizes profits when price equals marginal cost and a monopolistically competitive firm maximizes profits when marginal revenue equals marginal cost. 56 Three grocery stores mail weekly flyers to area residents with prices for products on sale this week. The flyers also include the stores' locations and hours, Which of the following statements is not an argument defenders of advertising would make regarding these flyers? out of The advertisements make the grocery market in this town more competitive. question The flyers foster brand loyalty. The advertisements allow consumers to make better choices. The flyers convey information to consumers