Which of the Following Statements About Monopoly Equilibrium and Perfectly

question 236

Essay

Which of the following statements about monopoly equilibrium and perfectly competitive equilibrium is incorrect?
A.Price is greater than marginal cost in monopoly, and price equals marginal cost in perfect competition.
B.When a monopoly exists, the consumer surplus is less than if the market were perfectly competitive.
C.Monopoly output will be less than the output of a comparable perfectly competitive industry.
D.In the long run, economic profits are driven to zero in both a monopoly and a perfectly competitive market.

---

Definitions:

Pioneer Species

Species that can colonize a new habitat.

Keystone Species

A species that has a disproportionately large effect on community structure relative to its abundance.

Evolved

The process through which species undergo changes over time, often through genetic variation and natural selection, leading to adaptations and diversity among organisms.

Competitive Exclusion

A principle stating that two species competing for the same resources cannot stably coexist if other ecological factors are constant; one will always outcompete the other.