In the long run, a monopolistic competitor\'s price will equal: a. marginal reve

Question

In the long run, a monopolistic competitor's price will equal: a. marginal revenue. b. average total cost. c. marginal cost.
d. minimum average total cost. e. both b. and d.
An industry characterized by only a few firms in the market is called: a. a monopoly. b. monopolistic competition. c. an oligopoly.
d. perfect competition.
High barriers to entry are generally found in: a. perfectly competitive markets. b. monopolistically competitive markets. c. oligopolistic markets.
d. monopolistic markets. e. both c. and d.

Explanation / Answer

1. b. average total cost. 2. c. an oligopoly. 3. e. both c. and d.

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