Monopolistic competition helps in promoting efficiency by encouraging firms to produce more of their products.
What is efficiency?
- Efficiency is the measurable ability to avoid wasting material, energy, effort, money, and time to do something.
- More generally, it is the ability to do things well, successfully, and efficiently. Efficiency, as Deborah Stone defines it, is “not an end in itself.
- In mathematical or Monopolistic competition terms, it is the level of performance that achieves the highest performance using the least amount of input.
- Indicates the amount of output, often specifically including the ability of a particular effort to achieve a particular result with Monopolistic competition, cost, or unnecessary effort.
- Efficiency means very different inputs and outputs in different sectors and industries. In 2019, the European Commission stated: This allows us to do more with less and deliver more value with less. ”
To learn more about efficiency from the given link :
https://brainly.com/question/14502027
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