Sole supplier of a product with no close substitutes; faces the market [ Choose ] demand curve; barriers to entry monopoly confer market power Price and output under monopoly monopolist The marginal revenue curve lies Short-run losses and the shutdown decisio below the demand curve because Characteristics of monopolistic competition marginal revenue is less than the Revenue of a monopolist price Revenue of an oligopoly Long-run profit maximization The can choose either the pric Price and output under perfect competition or the quantity, but choosing one determines the other; they come in pairs Continue producing if the price is [ Choose ] greater than average variable cost. Shut down in the short run if the price does not cover average variable cost. While producing to maximize profit [ Choose ] where marginal cost equals marginal revenue, a monopolist charges a higher price and supplies less output than a perfect competitor. Consumer surplus still exists, only in smaller amounts. Social welfare is not maximized. A market structure characterized by a [ Choose ] large number of firms selling products that are close substitutes. yet different enough that each firm's