Which of the following pairs of characteristics would be consistent with imperfect competition?

Market failure occurs

Because the demand curve for a monopolist is downward sloping,

In a firm’s planning horizon, the long run refers to

Suppose that in the short run, price is greater than the average total cost (ATC) of production in a perfectly competitive market. What will happen to this market in the long run?

A price taker is a firm that

As new firms enter a monopolistically competitive industry, it can be expected that

If a cartel is formed in order to maximize the total profits of its members, it will

The two conditions that need to hold to allow a single seller to become a monopolist are that the firm must

Of the following conditions, which one is a requirement for price discrimination?