A patent is an exclusive right to produce and sell a product for how long?

A market in which there are many sellers who all sell an identical product is called

A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.

Average fixed cost is equal to

A) the amount of total cost that does not change as output changes in the short run. B) fixed cost divided by the quantity of output produced. C) average total cost plus average variable cost. D) fixed cost multiplied by the quantity of output produced.