Product homogeneity is a feature of
Monopoly
Perfect competition
Duopoly
Oligopoly
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
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
