In monopolistic competition
There are few sellers
There are few buyers
There is one sells
There are many seller
Product homogeneity is a feature of
Monopoly
Perfect competition
Duopoly
Oligopoly
In monopolistic competition firms profit maximize when
Marginal revenue = Average revenue
Marginal revenue = Marginal cost
Marginal revenue = Average cost
Marginal revenue = Total cost
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
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
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
Consumer surplus is maximized
Produce surplus is zero
Community surplus is maximized
Consumer surplus is zero
In perfect competition
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
Firms face a perfectly elastic demand curve
All products are homogeneous
Firms make normal profits in the long run
These are barriers to entry to prevent entry
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
