Find out the market structure concepts

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Reference no: EM13967350

Market Structure Concepts

Indicate whether each of the following statements is true or false, and explain why.

A. In long-run equilibrium, every firm in a perfectly competitive industry earns zero profit. Thus, if price falls, none of these firms will be able to survive.

B. Perfect competition exists in a market when all firms are price takers as opposed to price makers.

C. A natural monopoly results when the profit-maximizing output level occurs at a point where long-run average costs are declining.

D. Downward-sloping industry demand curves characterize both perfectly competitive and monopoly markets.

E. A decrease in the price elasticity of demand would follow an increase in monopoly power.

Reference no: EM13967350

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