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