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Which of the following is a characteristic of perfect competition but NOT of monopoly? a. The firm's average total cost curve is U-shaped .b. Marginal

Which of the following is a characteristic of perfect competition but NOT of monopoly?

a. The firm's average total cost curve is U-shaped

.b. Marginal revenue is equal to price.

c. A profit-maximizing firm chooses output where marginal revenue equals marginal cost.

d. Profits may exist in the short run.

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