1-Which of the following characteristics is common to monopolistic competition and perfect competition?

A-Firms produce identical products.

B-Entry barriers into the industry are low.

C-Each firm faces a downward-sloping demand curve.

D-Firms take market prices as given.

2-Firms maximize profit in a perfectly competitive market by

A-maximizing revenue

B-producing at the point where average revenue equals marginal revenue C-maximizing marginal revenue D-producing at the point where marginal cost equals marginal revenue