Patty runs a small organic peanut butter company with five employees and local sales of $100,000 per year. She estimates that the shape of her total variable cost curve largely reflects her costs of

A market structure in which many firms compete by making similar but slightly different products is called

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

A firm cannot price discriminate if

a. it has declining marginal revenue. b. it operates in a competitive market. c. buyers only reveal the price they are willing to pay for the product. d. it has a constant marginal cost.