Firms in perfect competition face a
Perfectly elastic demand curve
Perfectly inelastic demand curve
Perfectly elastic supply curve
Perfectly inelastic supply curve
Product homogeneity is a feature of
Monopoly
Perfect competition
Duopoly
Oligopoly
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
In the long run in perfect competition
The price equals the total revenue
Firms are allocatively inefficient
Firms are productively efficient
The price equals total cost