Which of the Following Statements Describes a Major Difference Between

question 120

Multiple Choice

Which of the following statements describes a major difference between monopoly and perfect competition?

• A)Perfectly competitive firms cannot maintain positive economic profits in the long run,whereas monopolists can.
• B)Monopolists do not consider consumer demand when choosing price and output levels.
• C)Monopolistic firms tend to maximize revenue while perfectly competitive firms maximize profit.
• D)Monopolistic firms emphasize cost minimization whereas perfectly competitive firms emphasize profit maximization.
• E)Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.

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Definitions:

Protein Reabsorption

The process, particularly within the kidneys, by which proteins filtered by the glomerulus are reabsorbed back into the bloodstream from the kidney tubules.

Homeostasis

A state of balance within the body's internal environment despite changes in the external environment.

Urea

A waste product formed in the liver from the breakdown of proteins and excreted in the urine, used as a measure of kidney function.