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12. Is monopolistic competition efficient? Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand (D) curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average cost (AC) curve. Assume that all firms in the industry face the same cost structure. Place the tan point (dash symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place the purple point (diamond symbol) to indicate the point at which this firm would produce in the long run if it operated in a perfectly competitive market. Note: Dashed drop lines will automatically extend to both axes. 100 90 BO Monopolistic Competition Outcome 8 Perfectly Competitive Outcome PRICE (Dollars per jacket) AC 30 20 10 MR 10 20 30 70 90 100 QUANTITY (Thousands of jackets)Compare the average cost and the production level in the long-run equilibrium for a monopolistically competitive firm and a perfectly competitive firm by completing the following cable. Average Cost Production Level Under... ( Dollars per jacket) (Thousands of jackets) Monopolistic Competition Perfect Competition Because this market is a monopolistically competitive market, the firm's average cost in long-run equilibrium is the long-run average cost it would achieve as a firm operating in a perfectly competitive market. The production level of a monopolistically competitive firm in long-run equilibrium is the production level of a perfectly competitive firm. This difference in output is predicted by thelower than higher than the same as ong run equilibrium is the long-runuction Level ands of jackets) the same as he firm's average cos higher than Quilibrium is the long-run competitive market. lower than ig run equilibrium is | |the production level of a perfectly competitivears per jacket) [Thousands of jackets) decreased deadweight loss hypothesis ically competi Jum is mm operating Excessive production theory of competition excess capacity theorem of monopolistic competition ically compet production level of a dicted by the