1. Which of the following is a characteristic of perfect competition??

?A. substantial barriers to entry

B. ?homogeneous products

C. ?few sellers

D. ?each firm has significant control over the market

2.

A monopolist faces the following demand curve: Price Quantity $15 $14 2 $13 3 $12 14 $11 $10 6 $9 7 $8 18 Refer to Table 22. The monopolist has total fixed costs of $20 and a constant marginal cost of $5. At the profit- maximizing level of output, the monopolist's profit is O $10 O $20 O $30 O $50 O $60A monopolist faces the following demand curve: Suppose marginal cost is constant at $8 per unit. Refer to Table 24. The monopolist's marginal revenue from selling the fourth unit of output is (3 $6 (3 $14. (3 $15 (3 $24