Which of the following is true of perfect competition but not true of monopoly?
a. The firm's average total cost curve is U-shaped.
b. Marginal revenue is equal to price.
c. A profit-maximizing firm chooses output where marginal revenue equals marginal cost.
d. Profits may exist in the short run.
Ans: b. Marginal revenue is equal to price.
Economics
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What will be an ideal response?
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