In monopolistic competition
There are few sellers
There are few buyers
There is one sells
There are many seller
Demand is perfectly elastic
Products are homogeneous
Marginal revenue = price
The marginal revenue is below the demand curve and diverges.
In monopolistic competition firms profit maximize when
Marginal revenue = Average revenue
Marginal revenue = Marginal cost
Marginal revenue = Average cost
Marginal revenue = Total cost
The demand curve of monopoly is
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
In perfect competition
A few firms dominate the industry
Firms are price makers
There are many buyers but few sellers
There are many buyers and sellers
The price equals the marginal revenue.
The price equals the average variable costs
The fixed cost equals the variable costs
The price equals the total costs
In perfect price discrimination
The demand curve is the marginal cost curve
The average revenue equals the average cost
The marginal cost is the average cost curve
The demand curve is the marginal revenue
For a perfectly competitive firm
Total revenue is a straight line
Price is greater than marginal revenue
Price equals total revenue
Price equals total cost
Consumer surplus is maximized
Produce surplus is zero
Community surplus is maximized
Consumer surplus is zero
The _____ of a firm shows the level of output that the firm chooses to produce corresponding to different value of the market price.
Demand curve
Supply curve
Aggregate demand curve
Aggregate supply
