Which Statement About the Differences Between Monopoly and Perfect Competition

question 163

Multiple Choice

Which statement about the differences between monopoly and perfect competition is INCORRECT?

• A)A monopolist has market power,while a perfect competitor does not.
• B)Unlike a perfectly competitive firm,a monopoly can make positive economic profits in the long run.
• C)A monopoly will charge a higher price and produce a smaller quantity than will a competitive market with the same demand and cost structure.
• D)Monopoly profits can continue in the long run because the monopoly produces more and charges a higher price than does a comparable perfectly competitive industry.

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Definitions:

Indian Freedom

This term could refer to the collective freedom and independence movements of various indigenous peoples, but without additional context, its specific meaning is unclear. NO.

New World

A term historically used to describe the Western Hemisphere, especially the Americas, following their discovery by European explorers.

Conqueror

A person who overcomes, subdues, or acquires control over a place or people through the use of force.

Settle

To establish a residence or community in a new place.