For a firm in a perfectly competitive market, price is
A) equal to both average revenue and marginal revenue.
B) greater than marginal revenue but less than average revenue.
C) equal to average revenue but greater than marginal revenue.
D) less than both average revenue and marginal revenue.
Question 2
We can draw demand curves for firms in perfectly competitive and monopolistically competitive industries, but not for oligopoly firms. The reason for this is
A) perfectly competitive and monopolistically competitive firms sell standardized products. Oligopoly firms sell differentiated products.
B) there are no barriers to entry in perfectly competitive and monopolistically competitive industries. There are high barriers to entry in oligopoly industries.
C) we can assume that the prices charged by perfectly competitive and monopolistically competitive firms have no impact on rival firms. For oligopoly this assumption is unrealistic.
D) that perfectly competitive and monopolistically competitive firms are price takers. Oligopoly firms are price makers.
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