Question: What is dynamic efficiency, and how does it apply to monopolies? Group of answer choices It refers to the ability of firms to innovate over

What is dynamic efficiency, and how does it apply to monopolies?
Group of answer choices
It refers to the ability of firms to innovate over time, which monopolies may lack.
It refers to the ability to produce at the lowest cost.
It means producing the socially efficient output.
It refers to maximizing short-run profits.

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