Question 1
The fast-food industry is
not considered perfectly competitive because
◦ entry and exit are strictly regulated by the government.
◦ the firm's products are not homogeneous.
◦ there is a small number of dominant firms.
◦ there is a very large number of firms.
Question 2
________ is Δ
TR/Δ
q.
◦ Marginal cost
◦ Marginal revenue
◦ Average revenue
◦ Economic profit