A Significant Difference Between Monopoly and Perfect Competition Is That

question 3

Multiple Choice

A significant difference between monopoly and perfect competition is that:

• A) free entry and exit is possible in a monopolized industry but impossible in a competitive industry.
• B) competitive firms control market supply, but monopolies do not.
• C) the monopolist's demand curve is the industry demand curve, whereas the competitive firm's demand curve is perfectly elastic.
• D) profits are driven to zero in a monopolized industry but may be positive in a competitive industry.

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Definitions:

Minimum Necessary

A principle in healthcare and privacy laws requiring the least amount of personal information to be used or disclosed for a specific purpose.

Keyboard

A device with buttons or keys for entering data into a computer or other electronic devices.

Hardware

The physical components of a computer system, such as the hard drive, CPU, monitor, and peripherals.