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True/False/Explain - If all production processes were subject to constant returns to scales for all output levels, monopolistic competition would not...

True/False/Explain - If all production processes were subject to constant returns to scales for all

output levels, monopolistic competition would not lead to the problem of "excess capacity".


True/False/Explain - Monopolistic competition is characterized by free entry and exit so in the

long run, there is no deadweight loss associated with this market structure.

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