One Similarity Between a Monopolist and a Perfectly Competitive Firm

question 47

Multiple Choice

One similarity between a monopolist and a perfectly competitive firm is that both

• A)are large relative to their markets.
• B)may have similarly shaped cost curves.
• C)need to know the shape of the market demand curve.
• D)can make economic profits in the long run.
• E)choose the price at which to sell their product.

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Definitions:

Nystagmus

Involuntary, rapid, and repetitive movement of the eyes, which can be horizontal, vertical, or rotary.

Unsteady

Lacking stability, firmness, or steadiness, particularly in movement or in emotional or mental state.

Vestibulocochlear Nerve

The eighth cranial nerve responsible for transmitting sound and equilibrium (balance) information from the inner ear to the brain.

Vestibular Neurons

Neurons that convey information from the vestibular system, which is involved in balance and spatial orientation.