Both Monopolies and Competitive Firms

question 159

Multiple Choice

Both monopolies and competitive firms

• A) are price takers.
• B) are price makers.
• C) face barriers to entry.
• D) make long-run economic profits.
• E) try to maximize profits.

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Definitions:

Permeable Rocks

Rocks that allow water to pass through them due to having void spaces or pores.

Geothermal Energy

Energy that can be extracted from Earth’s internal heat.

Shallow Magma

Magma that resides at a relatively shallow depth beneath the Earth's surface, often leading to volcanic activity when it erupts.

Hot Springs

Natural pools of water heated by geothermal activity beneath the Earth's surface.