224) Which of the following is not a characteristic of a competitive market?

All of these answers are characteristics of a competitive market.

There are many buyers and sellers in the market

The goods offered for sale are largely the same

Firms generate small but positive economic profits in the long run

Answer is:

Firms generate small but positive economic profits in the long run

electricity

cable television

cola

milk

Answer is:

doubles

more than doubles

less than doubles

cannot be determined because the price of the good may rise or fall

Answer is:

total revenue divided by the quantity sold

equal to the quantity of the good sold

average revenue divided by the quantity sold

equal to the price of the good sold

Answer is:

price equals average variable cost.

marginal revenue equals average revenue

marginal cost equals total revenue.

marginal cost equals marginal revenue

Answer is: