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B. A monopolist is a price-taker.<br />
C. There are barriers to entry.<br />
D. A monopolist's sales revenue is constrained by the market<br />
demand.<br />
Question 19 of<br />
2.5/ 2.5 Points<br />
40<br />
Which of the following is NOT a characteristic of a perfectly competitive market?<br />
A. a large number of firms in a market<br />
B. selling a standardized product<br />
C. substantial barriers to entry<br />
D. an individual firm having no control over<br />
price<br />
Question 20 of<br />
2.5/ 2.5 Points<br />
40<br />
Long-run equilibrium for a perfectly competitive industry occurs when __________ .<br />
A. P = MC = ATC<br />
B. P = MC =<br />
AVC<br />
C. P = MC = AFC<br />
D. P > MC = ATC<br />
Part 2 of 2 - Lesson 7<br />
Questions<br />
42.5/ 50.0 Points<br />
Question 21 of<br />
2.5/ 2.5 Points<br />
40<br />
The marginal revenue product of labor is the __________ .
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