"In the long-run, there is no difference between monopolistic competition and perfect competition." true, false or ambiguos? Discuss this statement with respect to the following:
a. The price charged to consumers.
b. The average total cost of production.
c. The efficiency of the market outcome.
d. The typical firm's profit in the long run.
a. The price charged to consumers.
b. The average total cost of production.
c. The efficiency of the market outcome.
d. The typical firm's profit in the long run.