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
A monopolist will determine very ______ price for a commodity having inelastic demand.
High
Low
Normal
Constant
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
In perfect competition
The price equals the marginal revenue
The price equals the average variable cost
The fixed cost equals the variable cost
The price equals the total cost
A monopolistic competition
Firm face a perfectly elastic demand curve
All products are homogeneous
Firms make normal profits in the long run
There are barriers to entry to prevent entry
