The Main Difference Between a Monopoly and a Competitive Firm

question 18

Multiple Choice

The main difference between a monopoly and a competitive firm is that

• A)they have differently-shaped cost curves.
• B)a monopoly can change its output, whereas a competitive firm cannot.
• C)with a monopoly there is a market demand, whereas with a competitive firm there is only firm demand.
• D)a monopoly is not concerned with market price.
• E)a monopoly can affect market price, whereas a competitive firm cannot.

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Definitions:

Globalization

The process of interaction and integration among people, companies, and governments worldwide, often driven by international trade and investment and aided by information technology.

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Internal divisions within organizations responsible for deploying, managing, and maintaining information technology systems and services.

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Bring Your Own Device, a policy allowing employees to use their personal devices for work purposes.

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A production and marketing technique that combines the flexibility and personalization of custom-made products with the low unit costs associated with mass production.