One big question economics ponders is how to produce the greatest material well-being using the fewest resources.

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One big question economics ponders is how to produce the greatest material well-being using the fewest resources. Compare and contrast perfect competition and monopolistic competition in achieving that end. 

You may want to consider a particular monopolistically competitive industry such as clothing or restaurant meals, and imagine what it would look like if it were perfectly competitive instead. How does your answer depend on your definition of material well-being?

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Related Book For  answer-question

Microeconomics

ISBN: 9781319105563

3rd Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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