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Because monopolistically competitive firms charge a price that is greater than marginal cost: a. monopolistic competition is efficient. b. monopolistic competition is inefficient. c. the

Because monopolistically competitive firms charge a price that is greater than marginal cost:

a.

monopolistic competition is efficient.

b.

monopolistic competition is inefficient.

c.

the marginal benefit to society of an additional unit of output is below its marginal cost.

d.

monopolistic competition is inefficient and the marginal benefit to society of an additional unit of output is below its marginal cost.

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