The Model of Perfect Competition and the Model of Monopolistic

question 169

Multiple Choice

The model of perfect competition and the model of monopolistic competition differ in that

• A) perfect competition assumes many buyers and sellers while monopolistic competition assumes many buyers but few sellers.
• B) perfect competition assumes easy entry of new firms while there are more significant barriers to entry in monopolistic competition.
• C) perfect competition assumes firms make zero profits in the long run and monopolistic competition assumes firms make positive profits.
• D) perfect competition assumes the product is homogeneous and monopolistic competition assumes the product is differentiated.

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