1. Perfect competition is characterized by:
2. An industry that contains a firm that is the only producer of a good or service for which there are no close substitutes and for which entry by potential rivals is prohibitively difficult is
3. Which of the following is true in a perfectly competitive market
4. The assumptions of perfect competition imply that
5. Which of the following is true
6. If a firm possesses monopoly power, it means that
7. Marginal revenue
8. A natural monopoly exists whenever a single firm
9. Which of the following is (are) true
10. Perfect competition is important to study because it