One Difference Between Perfect Competition and Monopolistic Competition Is That

question 123

Multiple Choice

One difference between perfect competition and monopolistic competition is that

• A)in perfect competition, firms cannot earn a long-run economic profit
• B)in perfect competition, firms take full advantage of economies of scale in long-run equilibrium; in monopolistic competition, firms do not
• C)only under perfect competition is there ease of entry and exit
• D)in monopolistic competition, the firm's demand curve is horizontal; in perfect competition, the firm's demand curve slopes downward
• E)in perfect competition, there are many firms; under monopolistic competition, there are few firms

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Definitions:

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