Competitive Firms Differ from Monopolies in Which of the Following

question 407

Multiple Choice

Competitive firms differ from monopolies in which of the following ways? (i)
Competitive firms do not have to worry about the price effect lowering their total revenue.(ii)
Marginal revenue for a competitive firm equals price, while marginal revenue for a monopoly is less than the price it is able to charge.(iii)
Monopolies must lower their price in order to sell more of their product, while competitive firms do not.

• A)(i) and (ii) only
• B)(ii) and (iii) only
• C)(i) and (iii) only
• D)(i), (ii), and (iii)

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Definitions:

Charles Darwin

A 19th-century naturalist who is best known for his contributions to the theory of evolution by natural selection.

Basic Emotions

Emotions that are unlearned and universal, that are reflected in the same facial expressions across cultures, and that emerge in children according to their biological timetable of development; fear, anger, disgust, surprise, happiness, and sadness are usually considered basic emotions.

Facial Expressions

Visible changes in the face that convey emotional states, intentions, or social communications.

Unlearned

Referring to behavior or knowledge that is innate or instinctual, not acquired or learned from experience or environment.