Omg please help economic question pt3?

Question

“In the long run, there is no difference between monopolistic

competition and perfect competition.” True, false, or ambiguous?

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

Answer 1

False. Perfect competition highly efficient, monopolistic not efficient. Perfect competition zero economic profit. That should help some. Good luck.