In the long run equilibrium in perfect competition
Price = average cost = marginal cost
Price = average cost = total cost
Price = marginal revenue = total cost
Total revenue = total variable cost
Product homogeneity is a feature of
Monopoly
Perfect competition
Duopoly
Oligopoly
In a monopoly, which of the following is NOT true?
Products are differentiated
There is freedom of entry and exit into the industry in the long run
The firm is a price maker
There is one main seller
In _____ market goods are sold at uniform price.
In the long run in perfect competition
The price equals the total revenue
Firms are allocatively inefficient
Firms are productively efficient
The price equals total cost
