Which of the following real-world situations is the result of excess capacity in a monopolistically competitive market?
a. A factory producing women's clothing produces more than it can sell during a season.
b. Gas stations with infrequently used pumps are located at all four corners of an intersection.
c. A retail auto tire store orders too much inventory.
d. Monopolistically competitive firms do not exist in the real world.

Question

22-07-2020
Business

contestada

Which of the following real-world situations is the result of excess capacity in a monopolistically competitive market?
a. A factory producing women's clothing produces more than it can sell during a season.
b. Gas stations with infrequently used pumps are located at all four corners of an intersection.
c. A retail auto tire store orders too much inventory.
d. Monopolistically competitive firms do not exist in the real world.

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Answer:

b. Gas stations with infrequently used pumps are located at all four corners of an intersection.

Explanation:

A monopolistic competition is when there are many firms selling differentiated products in an industry.

examples of monopolistic competition are restaurants

Excess capacity occurs when in long-run a firm produces output that is less than socially optimum. it is when firms do not produce at the level of output at which long-run average cost is minimum.