In the short run, a perfectly competitive firm NEVER A) earns ...

[mynx]

In the short run, a perfectly competitive firm NEVER
 
  A) earns an economic profit.
  B) incurs a loss greater than its total fixed costs.
  C) produces where MR = MC.
  D) earns a normal profit.

Question 2

One difference between perfect competition and monopolistic competition is that
 
  A) a perfectly competitive industry has fewer firms.
  B) in perfect competition, firms produce slightly differentiated products.
  C) monopolistic competition has barriers to entry.
  D) firms in monopolistic competition face a downward-sloping demand curve.

[iceage]

Answer to Question 1

B

Answer to Question 2

D

[mynx]

Thanks for the timely response, appreciate it

[Dinolord]

YES! Correct, THANKS for helping me on my review