1. If an industry has no barriers to entry, no product promotion strategy, a standardized product type, and a very large number of firms operating within it, the industry can be said to have
a. a monopoly market structure.
b. perfect competition.
c. differentiated market.
d. monopolistic competition.
e. an oligopoly market structure.
2. The long-run average-cost curve
a. connects the minimum points of all the short-run average-total-cost curves.
b. connects the maximum points of all the short-run average-total-cost curves.
c. connects minimum points on the short-run total-cost curves.
d. indicates the most efficient scale of operation for a given level of output.
e. is the most efficient scale