If a common area is turned into a private resource, the owner will have incentives for using that resource efficiently.

All these are characteristics of a monopoly except,

a. There is one seller of the product b. Has few substitutes c. Controls a large share of the market d. Controls a small share of the market

For a perfectly competitive firm at its long-run competitive equilibrium point

A) P = AR = MR = LATC = ATC = MC. B) P = AR = MR = LATC > ATC = MC. C) P = AR = MR = MC = LATC = AVC. D) P > MR > AR > MC > LATC > ATC.