Micro 4.8 0.0 / 5 ? EconomicsMarket Structure and Marginal and Average RevenueA2/A-levelAQA Created by: neve.whinnCreated on: 15-03-20 13:54 What are 5 characteristics of perfect competition? Large number of buyers and sellers, price takers, perfect knowledge, no barriers to entry, homogenous products. 1 of 5 What is the demand curve for perfect competition? Elastic. 2 of 5 What does the demand curve for a monopolist look like? Downward-sloping. 3 of 5 How do price and quantity affect a monopolist? The monopolist has to reduce price to increase quantity demanded. 4 of 5 What else is the monopolist's demand curve? Average revenue curve. 5 of 5
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