<\/p>
True or False<\/em><\/strong><\/p> ______ 1. In the theory of perfect competition, price is smaller than marginal revenue.<\/p> ______ 2. Perfect competitive firm is a price taker.<\/p> ______ 3. A monopoly firm always earns economic profit.<\/p> ______ 4. An increasing-cost industry is an industry in which average total costs decrease as industry output increases.<\/p> ______ 5. Free entry is the basic reason that monopolistically competitive firms have excess capacity.<\/p> <\/p>",
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"related_book": {
"title": "Contemporary Business Mathematics with Canadian Applications",
"isbn": "133052311, 978-0133052312",
"edition": "10th edition",
"authors": "S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs",
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"uri": "\/textbooks\/contemporary-business-mathematics-with-canadian-applications-10th-edition-726",
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"question_posted": "2024-06-13 06:10:43",
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