Author Question: Many auction markets a. are perfectly competitive because they involve an identical or nearly ... (Read 18 times)

michelleunicorn · **on:** Jun 30, 2018

Many auction markets
a. are perfectly competitive because they involve an identical or nearly identical commodity, many buyers, and because the seller has no influence over the price
b. are monopolistic because there is only one seller
c. exist only on the Internet, because of the difficulty of assembling all buyers in a single location
d. are controlled and run by governments
e. involve numerous firms, none of which is large enough to influence the market price

Question 2

Perfectly competitive firms and monopolist firms both maximize profit where
a. price equals marginal cost
b. total revenue is maximized
c. average total cost is minimized
d. marginal cost equals marginal revenue
e. price is as high as possible