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:

Refer

The act of directing someone to a different source of help, service, or information that is more suited to their needs.

Limit Debate

The practice of setting restrictions on the length or scope of a discussion to focus decision-making or control the flow of conversation.

Group Development

The stages through which a group goes as it matures, often including forming, storming, norming, performing, and adjourning.

Conflict

A situation or process in which individuals, groups, or interests oppose each other due to differing needs, beliefs, or objectives.