A monopolistically competitive market can also be:
A. an oligopoly.
B. a monopoly.
C. perfectly competitive market.
D. All of the above.
Answer: A
Economics
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Economics
If the price is less than a perfectly competitive firm's minimum average variable cost, the firm
A) makes an economic profit. B) operates and incurs an economic loss equal to total fixed cost. C) operates and incurs an economic loss equal to average variable cost. D) shuts down and incurs an economic loss equal to total fixed cost. E) shuts down and incurs an economic loss equal to average variable cost.
Economics