Which of the following would make perfect competition in a market impossible? (4 points)

Too many firms

Short-term positive profits

Marginal revenue and average revenue being equal

Entrance barriers

A high average total cost

2.

(04.01 LC)

A firm is operating in the long run where marginal cost, marginal revenue, average total cost, and demand intersect at a single point. This market structure must be (4 points)

perfect competition

monopolistic competition

oligopoly

monopoly

insufficient data to determine

W Q 3. (04.01 LC) (4 points) MC Price MR Quantity What is the profit-maximizing price level for this firm? O P 1 P2 O P3 O P4 O P5