Price is greater than marginal cost and average total cost, Ask an Expert

Economics

Q. Some economists argue that in long-run equilibrium under conditions of monopolistic competition re is economic waste because price is greater than marginal cost and average total cost is not at a minimum. How would it be possible to ‘eliminate' this waste? What would we have to give up?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9307519

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