Why is a competitive market generally better for society than a monopolistic market?

Answer all four questions! Is a monopolistically competitive firm productively efficient? How can you tell? Offer one reason why a monopolistically competitive firm might be productively inefficient. Is it allocatively efficient? How can you tell? Offer one reason why a monopolistically competitive firm might be allocatively inefficient.

Why can’t firms under monopolistic competition achieve an economic profit in the long run?

If the price is less than actual total cost for a monopolistic competitive firm, does the firm make a profit, loss, or break-even?

In which industry is monopolistic competition most likely to be found?                   Utilities        Agriculture        Retail trade        Mining

how do monopolies affect societys well being?

What is the relationship between product differentiation and monopolistic competition?

Why does consumer surplus decline when monopolies are present?

Monopolistically competitive firms could increase the quantity they produce and potentially lower the average total cost of production. Why don't they do so?

Using only things found in an average home, please provide one example of something from each kind of market, and briefly explain why this thing is in that particular market. Try to be creative. You will need an example of something from a: Perfectly competitive market Imperfectly competitive market (monopolistically competition or oligopoly), and Monopoly market