Economics Homework Help
A firm can be the sole seller of a product but still not be a monopoly if: A. the firm is not making
A firm can be the sole seller of a product but still not be a monopoly if:
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A. the firm is not making
profits
B. the firm is not large
C. the product has many close substitutes
D. the market price is high
E. the cost of production is high relative to price
Firms leave a monopolistically competitive industry when:
A. other firms enter
B. average total cost is greater than marginal revenue
C. price is equal to marginal cost
D. marginal revenue exceeds marginal cost
E. average total cost is greater than price
