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Author Question: Which of the following is not a characteristic of perfect competition? a. A commodity product b. A ... (Read 60 times)

leo leo

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on: Jun 30, 2018
Which of the following is not a characteristic of perfect competition?
 a. A commodity product
  b. A large number of independently acting sellers
  c. Freedom of entry
  d. The existence of externalities
  e. Each firm is a price taker

Question 2

Which of the following is true at the profit-maximizing quantity for both a perfectly competitive firm and a monopoly?
 a. Price equals marginal cost.
  b. Price is greater than marginal cost.
  c. Marginal revenue equals marginal cost.
  d. Marginal revenue is less than marginal cost.
  e. Marginal revenue is greater than average revenue.


emsimon14

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Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

C


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