Which of the Following Describes Perfect Competition, but Does NOT

question 146

Multiple Choice

Which of the following describes perfect competition, but does NOT describe a monopoly?

• A) Marginal revenue is equal to price.
• B) Profits may exist in the short run.
• C) The firm's average total cost curve is U-shaped.
• D) A profit-maximizing firm chooses output where marginal revenue equals marginal cost.

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Definitions:

People

Human beings collectively, often referred to within the context of social, professional, or cultural groups.

Environmental Factors

External elements such as economic, political, social, and physical conditions that influence individuals or organizations.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing their behaviors and attitudes.

Situational Factors

External influences that can impact an individual's behavior or performance, such as environmental conditions, social pressures, or task characteristics.