contrasts starkly with perfect competition. As panel (b) of Figure 17-3 shows,
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entry in competitive markets drives firms to produce at the minimum of average
total cost.
The quantity that minimizes average total cost is called the efficient scale of the
firm. In the long run, perfectly competitive firms produce at the efficient scale,
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whereas monopolistically competitive firms produce below this level. Firms are
said to have excess capacity under monopolistic competition. In other words,
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nopolistically competitive firm,
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