Which of the following is a characteristic shared by firms operating in both monopolistic competition and perfect competition in long-run equilibrium?
Production at the minimum point of the average cost curve
Realisation of allocative efficiency
Earning of only normal profit
Sale of homogeneous products
42 exam-style questions on OCR A Level Economics Market structures, covering Perfect competition, Monopoly, Monopolistic competition, Oligopoly, and Contestable markets. Each one has a worked solution and a mark scheme showing where the marks go.