In the longrun in perfect competition
The price equals the total revenue
Firms are allocatively inefficient
Firms are productively efficient
The price equals total cost
If a few firms dominate an industry the market is known as
Monopolistic competition
Competitively monopolistic
Duopoly
Oligopoly
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
Product homogeneity is a feature of
Monopoly
Perfect competition
In perfect price discrimination
Consumer surplus is maximized
Produce surplus is zero
Community surplus is maximized
Consumer surplus is zero
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
The demand curve of monopoly is
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
In monopolistic competition firms profit maximize when
Marginal revenue = Average revenue
Marginal revenue = Marginal cost
Marginal revenue = Average cost
Marginal revenue = Total cost
When price discriminating abnormal profits are made if:
Average revenue is greater than average variable cost
Average revenue is greater than average cost
Average revenue is greater than marginal revenue
Average revenue is greater than average fixed cost
Which best describes price discrimination?
Charging different prices for different products
Charging the same prices for different products
Charging the same prices for the same products
Charging different prices for the same products
