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.
Competition in a forest can be as intense as competition on a coral reef. However, much of the compe
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Excel hardware is introducing a new product on a new product line of capacity 800 units per ...