1. In a perfectly competitive industry, the demand curve for
a single firm is ___________________ and the demand curve for the entire industry is ________________. The demand curve for a single firm is the same as it's _______________curve. In order to maximize profit, a firm produces the quantity where marginal revenue equals ________________. If a firm produces no output, their loss is equal to ________________.
choices: MC, downward sloping, TFC, TVC, MR, horizontal, upward sloping
2. If a perfectly competitive firm is earning a profit, then the price is above its _____________. In this situation, there is an incentive for other firms to ________this industry in the long run. In the long run, only ________profit exists.
choices: normal, enter, exit, ATC
3. A monopolist faces a ________________demand curve, whereas a perfectly competitive firm faces a _______________demand curve. To maximize profit, a monopolist produces the level of output where ______________equals _____________, whereas a perfectly competitive firm produces the level of output where marginal cost equals __________.
choices: horizontal, downward sloping, ATC, MC, MR, cost, price
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