11. A profit-maximeing firm in a monopolistically competitive market is characterized by which JAV attribute? & b. mina Average revenue exceeds marginal revenue Marginal revenue exceeds average revenue Average revenue is equal to marginal revenue Total revenue is madeed along with prodit, d. 12 Since natural monopolies have a decinin average cost curve, what effect would reputatie natural monopolies by setting price equal to marginal cost hrve? would come the monopolist to operate at a loss. It would result is less than optimal total surphs. It would make producer sur plus would encounter research In ordecte recowe lost profiel five martin What happens when a profit malming firm in a monop long run equilibrium? The demand cure will be perfectly Price exceeds marginal cost Margus costas falling d. Morgeleweneences marginal cost