Both monopolies and competitive firms:
a. are price-takers
b. are price-makers
c.face barriers to entry
d. make long-run economic profits
e. try to maximize profits
Both monopolies and competitive firms:
a. are price-takers
b. are price-makers
c.face barriers to entry
d. make long-run economic profits
e. try to maximize profits
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40. Which of the following statements is not correct?
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43. A monopolistically competitive firm is currently producing 20 units of output. At this level of output the firm is charging a price equal to $20, has marginal revenue equal to $12, has marginal cost equal to $12, and has average total cost equal to $18. From this information we can infer that
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