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Q P TR MR TC MC 50 70 70 60 2 60 120 50 76 12 3 50 150 30 86 14 4 40 160 ? 102 5 30 150 10 120 18 6 20 120 -30 145 20 10 70 50 170 25 if this is now a regulated monopoly: Using average cost pricing the profitloss would be Select one: a. Cannot be determined with the information given O b. 0 O C. 564 O d. 5-20 In the long run, a monopolistically competitive firm will Select one: O a. always enjoy positive economic profits O b. have perfectly elastic demand curves O c. produce where P = MC. O d. produce at outputs lower than perfectly competitive firms Which of the following is NOT a characteristic of a perfectly competitive market? Select one: a. There are a large number buyers and sellers in the market. O b. There are restrictions on firms to enter or leave the market O C. The products sold by the firms in the market are homogeneous O d. Each firm is a price taker