Which of the Following Is True in Both Perfect Competition

question 108

Multiple Choice

Which of the following is true in both perfect competition and monopoly?

• A)Firms produce a differentiated product.
• B)Firms cannot earn economic profit in the long run.
• C)Individual firms have no ability to control the price of their output but must accept the market price.
• D)Firms go out of business in the long run if total revenue cannot cover total cost.
• E)Firms can earn economic profit in the long run.

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Definitions:

Narcissism

A personality trait characterized by an excessive focus on oneself, a need for admiration, and a lack of empathy for others.

Prosocial Behavior

Actions intended to benefit others, including helping, sharing, and providing comfort.

Divine

Pertaining to, of the nature of, or being a deity; often associated with qualities of perfection, omnipotence, and sacredness.

Sacred

Something that is considered holy, divine, or of immense spiritual significance, often revered and protected.