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26) in the long-run equilibrium for a perfectly competitive market. A) average total costs of production are minimized. B the firms' economic profits are zero. C) there is no incentive for entry or exit. D) All of the above are correct. 27) Monopolists B) maximize revenue, not profits. A) have no short-run fixed costs. are price takers. 28) If a monopolist can perfectly price discriminate, then A) it will charge just two different prices in two different markets. B) it will not give a discount to those who buy in bulk. discriminate. C) the deadweight loss is larger than if it cannot price D) there will be no consumer surplus 29) In perfect competition, each firm A) can influence the price that it charges much as it can product faces a perfectly inelastic demand for its D) is a price 30 When comparing a monopoly to a perfectly competitive market the same costs output and are lower than the with competitive markets price A) both B) the monopoly's output is higher and the monopoly's price islower than the perfectly competitive market's output and price. than the perfectly competitive markets both the output and prior are higher output and price. and monopoly prior higher than the perfectly is Do soutput is smaller the 31 A market structure in which a number of firms compete is called small B) perfect competition. C) oligopoly. For a perfectly competitive firm, in the long-run equilibrium, P ATC-AFC. 33) A proprietorship is a firm with A) a single owner who has limited liability B) a single owner who has unlimited liability C) two or more owners who both have unlimited liability