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August 4, 2015

Homework Help: Economics

Posted by Sally on Tuesday, December 5, 2006 at 6:54pm.

For the following characteristic say whether it describes a perfectly competitive firm, a monopolistically competitive firm, monopoly firm, or neither.

a. Has marginal revenue less than price. I would think this would be neither.

b. Produces at minimum of average total cost in the long run. I would think that it would be a perfectly competitive firm.

a) MR < price is typical for a monopoly or monopolistically competitive firm. Draw a graph of a monopolist.

b) correct.

Thanks for the help.

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