MC ATC Markup Qc What does the level of output Q represent in the above diagram of a monopolistically competitive firm? excess capacity output profit-maximizing output inefficient output efficient scaleWhat incentive to producer groups, industry associations, and professional organizations have regarding advertising, and why? to restrict advertising in order to reduce competition on the basis of price to encourage advertising in order to enhance competition on the basis of price to encourage advertising in order to reduce competition on the basis of price to restrict advertising in order to enhance competition on the basis of price Question 24 (1.5 points) Which among the following options would lead to the highest profits of oligopolists? producing a total quantity of output that exceeds the Nash-equilibrium total quantity operating in a Nash equilibrium producing a total quantity of output that falls short of the Nash-equilibrium total quantity charging a price that falls short of the Nash-equilibrium price