It Is Possible to Distinguish a Monopoly from Perfect Competition

question 226

True/False

It is possible to distinguish a monopoly from perfect competition by noting that only competitive firms can earn economic profits in the short run.

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Definitions:

Undue Influence

An act of unfairly persuading someone to make a decision that benefits another at their expense.

Confidential Relationship

A bond between parties that necessitates the trust to not disclose classified or private information.

Consent

Agreement or permission for something to happen or someone to do something, often given expressly by all involved parties.

Forced

Action taken under compulsion or pressure, lacking voluntary intention.