The market structure in which the largest quantity of output is sold at the mini
ID: 1206865 • Letter: T
Question
The market structure in which the largest quantity of output is sold at the minimum possible price is: A. Monopoly. B. Perfect competition C. Oligopoly. D. Monopolistic competition. The short-run equilibrium position for a firm in monopolistic competition is the point at which: A. Price equals average variable cost. B. Marginal revenue equals rising marginal cost. C. Price equals marginal cost. D. Marginal revenue equals average revenue. One major similarity between perfect competition and monopolistic competition is that: A. The firms earn above normal profits in the long run. B. The firms just break even in the long run. C. The firms are price makers, D. Entry of firms is barred in the long run.Explanation / Answer
1. Perfect competition
2. MR equals rising MC
3. The firms just break even in long run
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