Competition exists among sellers only if they A) all set price ...

[gonzo233]

Competition exists among sellers only if they
 
  A) all set price equal to marginal cost.
  B) are price takers.
  C) are so numerous that no one of them can affect the price by restricting output.
  D) receive no special privileges from government.
  E) struggle to satisfy potential buyers.

Question 2

In the long run, under perfect competition:
 
  A) firms earn positive economic profit because of economies of scale.
  B) firms earn positive accounting profit because of government regulations.
  C) firms earn zero economic profit because of free entry and exit of firms.
  D) firms earn negative economic profit because of free entry and exit of firms.

[scrocafella]

Answer to Question 1

E

Answer to Question 2

C

[gonzo233]

YES! Correct, THANKS for helping me on my review

[dreamfighter72]

Thanks for the timely response, appreciate it