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We present a general equilibrium model of monopolistic competition with variable demand elasticities and investigate the impact of free trade on wel- fare and eciency . First, contrary to the constant elasticity case, in which all gains from trade are due to increasing product diversity, our model features gains from pro-competitive eects. Second, we show that the market outcome is not constrained ecien t because too many rms operate at an inecien tly small scale. Last, we prove that free trade raises eciency by narrowing the gap between the equilibrium utility and the constrained optimal utility.

Gains from Trade and Efficiency under Monopolistic Competition: A Variable Elasticity Case