In perfect competition each firm_______ A produces as much as it can B is a price taker C faces a perfectly inelastic demand for its product D can influence the price that it charges The shutdown point is the point at which price equals minimum average _______cost and the quantity produced is that at which average _______cost is at its_______ A fixed, fixed, maximum B total, total, maximum C total, total, minimum D variable, variable, minimum If firms in a competitive market are _____, then there is an incentive for firms to _____ the market A making zero economic profit, enter B incurring an economic loss, enter C making a positive economic profit, enter D making a positive economic profit, exit Which of the following firms is most likely to be a monopoly? A a local fast-food restaurant B a shoe store C a computer store D a local distributor of electricity Monopolistic competition is a market in which a _______ number of firms compete by making similar but slightly _______ products A small, different B large, different C small, cheaper D large, costlier