To maximize profit, both monopoly and perfect competition produce…To maximize profit, both monopoly and perfect competition produce where marginal revenue equals marginal cost. TrueFalse What is a distinctive feature of monopoly? the firm charges a price equal to marginal costthe firm achieves zero economic profits in the long runthe firm faces competition by other firmsthe firm can prevent entry into the industry The long-run supply curve of a perfectly competitive firm is its marginal cost curve above the average variable cost.TrueFalse The monopoly firm charges a price above its marginal cost.TrueFalse To achieve a positive profit the monopolistic firm must have marginal cost above the demand curveaverage cost intersecting the demand curvemarginal cost intersecting the demand curveaverage cost above the demand curve The perfectly competitive firm in a long-run equilibrium achieves zero economic profit.TrueFalse BusinessEconomicsMicroeconomics ECON 101
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