he marginal cost curve crosses the* average total cost curve at the maximum of the average total cost curve. average variable cost curve at the minimum of the average variable cost curve. total cost curve at the minimum of the total cost curve. average fixed cost curve at the minimum of the average fixed cost curve. The average variable cost curve and average total cost curve tend to converge as output rises because* the marginal cost curve intersects the average total cost curve at its minimum. the average fixed costs are constant as output rises. the difference between them (average fixed cost) declines. output is rising more rapidly than inputs are being increased
The marginal cost curve crosses the*
average variable cost curve at the minimum of the average variable cost curve.
total cost curve at the minimum of the total cost curve.
average fixed cost curve at the minimum of the average fixed cost curve.
The average variable cost curve and average total cost curve tend to converge as output rises because*
the marginal cost curve intersects the average total cost curve at its minimum.
the average fixed costs are constant as output rises.
the difference between them (average fixed cost) declines.
output is rising more rapidly than inputs are being increased
are alike in that entry is easy in both.
are alike in that entry is blocked in both.
differ in terms of the number of firms in the industry.
differ in that monopoly is associated with a standardized product and
With respect to entry and exit,
characterized by free entry and blocked exit.
like pure competition in that entry and exit are free.
characterized by easy (though not free) entry and exit.
like pure monopoly in that entry is blocked.
An oligopoly is characterized by
free entry and blocked exit.
few number of firms and blocked entry.
firms that sell homogeneous product but differentiated.
firms selling identical products but differentiated.
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