Both Monopolists and Monopolistic Competitors

question 223

Multiple Choice

Both monopolists and monopolistic competitors:

• A)make positive economic profits in the long run.
• B)have high barriers to entry.
• C)charge a price that is greater than the marginal cost of production.
• D)produce a product for which there are no substitutes.

---

Definitions:

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution without violating any constraints.

T Distribution

A probability distribution that is used to estimate population parameters when the sample size is small and the population variance is unknown.

T-Test Statistic

A statistical measure used to assess the significance of the difference between the mean values of two groups.

Null Hypothesis

In statistical hypothesis testing, it is the hypothesis that there is no significant difference or effect, serving as the default or initial assumption.