Answer:
1)productive and allocative efficiency
2)economic profits and losses
3)zero profits
Explanation:
Monopolistic competition can be regarded as industry features whereby
many firms deals with similar products/ services , even though the Products are not perfect substitutes. There is very low Barriers as regards entry and exit. It shouldbe noted that A monopolistically competitive industry does not display productive and allocative efficiency in either the short run, when firms are making economic profits and losses, nor in the long run, when firms are earning zero profits
