A monopolistically competitive firm makes positive economic profits if ________.
A) price is less than average total cost
B) price is higher than average total cost
C) price equals marginal cost
D) price equals average fixed cost
Question 2
In a competitive market, there are a ________ number of buyers and a ________ number of sellers.
A) large; small
B) small; large
C) small; small
D) large; large
