Which One of the Following Statements Is True for BOTH

question 19

Multiple Choice

Which one of the following statements is true for BOTH perfect competition and monopolistic competition?

• A) Each type of firm faces a downward- sloping demand curve.
• B) Each type of firm competes on product quality and price.
• C) In the long run, firms in both industries make zero economic profit.
• D) Each type of firm produces a homogeneous product.

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Definitions:

Creative Productivity

The capacity to generate new ideas, solutions, or products that are both original and valuable.

Work Quality

The standard of output produced by an individual or group, often measured in terms of accuracy, thoroughness, and performance.

Health Issues

A broad term denoting any deviation from wellness, including diseases, disorders, and injuries.

Middle-Age Adults

Individuals typically aged between 45 and 65 years, experiencing transitions in physical, cognitive, and social development.