The process by which new product or production methods are introduced is called the Industrial Revolution

Monopolistic competitors tend to act independently because: a. each firm controls a large share of the market

b. each firm controls a very small share of the market. c. there are few sellers in the market. d. there are few buyers in the market.

Refer to the above figure. The long-run average cost curve and the long-run marginal cost curves represent

A. the cost curves for a natural monopoly. B. a situation where a firm has control over the raw materials. C. a situation where a firm has a patent. D. the cost curves for a competitive firm.