When Comparing Perfect Competition and Monopoly, a Major Assumption Made

question 51

Multiple Choice

When comparing perfect competition and monopoly, a major assumption made is that

• A) the monopolist faces a downward sloping demand curve.
• B) consumers only care about the price of the good and not whether the seller is a monopoly or not.
• C) the costs of production are the same under monopoly as under perfect competition.
• D) the monopolist can make an above normal rate of return.

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Definitions:

Pollutants

Substances that contaminate air, water, or soil, potentially causing harm to human health, the environment, or property.

Trespass

Trespass is an unlawful intrusion or encroachment onto property owned or legally occupied by another, without permission or legal right.

Intentional Harm

The deliberate infliction of damage or injury on another person or their property.

Property

is any physical or intangible entity that is owned by an individual or collectively, subject to the rights and responsibilities of ownership.