Product homogeneity is a feature of
Monopoly
Perfect competition
Duopoly
Oligopoly
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
The demand curve of monopoly is
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
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
