One Similarity Between a Monopolist and a Perfectly Competitive Firm

question 48

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)choose the price at which to sell their product.
• D)can make economic profits in the long run.
• E)need to know the shape of the market demand curve.

Identify the different types of markets and their functions (factor, output, and product markets).

Recognize the role and characteristics of entrepreneurs in the business world.

Distinguish between households and firms within an economic framework.

Grasp the concept of factors of production and their relevance in economic activities.

---

Definitions:

Socialization

The process by which individuals learn and adopt the norms, values, and behaviors appropriate to their society or social group.

Theory of Evolution

A scientific explanation of how species change over time through mechanisms like natural selection and genetic variation.

Charles Darwin

A 19th-century British naturalist who developed the theory of natural selection, significantly contributing to the understanding of evolutionary biology.

Gene Mutation

A permanent alteration in the DNA sequence that makes up a gene, which can affect how a gene functions, potentially leading to genetic disorders or variations.