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:

Performance Expectations

The standards or benchmarks against which an individual's or group's work output is measured.

Relationships

Connections or associations between two or more people, entities, or concepts, which can be personal, professional, or otherwise.

Training

The process of enhancing the knowledge, skills, and abilities of employees through educational programs and activities to improve their performance.

Job-related Skills

The specific abilities and knowledge required to perform the duties and tasks of a particular job effectively.