One Difference Between Monopoly and Competition Is That When Market

question 34

True/False

One difference between monopoly and competition is that when market demand increases, monopoly output will not change but output in the competitive industry will increase.

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Definitions:

Merchant

An individual or business entity engaged in the sale of goods or services, often characterized by expert knowledge or the ability to deal in a particular commercial field.

Physical Possession

The actual holding or control of an object, property, or asset by an individual or entity.

Risk Of Loss

The potential for an investment, asset, or transaction to result in a financial loss rather than a gain.

F.O.B. Ocean City

Free on Board Ocean City, a shipping term indicating that the seller is responsible for goods and their cost of transport until they are loaded aboard a vessel at Ocean City.