In Figure 2.1, Box 4 would be labeled

Nondiscriminating monopoly is similar to perfect competition in that

a. they have the same level of barriers to entry b. they have a similar number of firms in the industry c. the demand curve facing the firm is perfectly elastic for both d. price equals marginal revenue for both e. price equals average revenue for both

Is the marginal benefit someone receives from a good or service the same as the price the person pays? Explain your answer

What will be an ideal response?