Which of the Following Is True for Perfect Competition, Monopolistic

question 115

Multiple Choice

Which of the following is true for perfect competition, monopolistic competition, and monopoly?

• A) The product of all firms is homogeneous.
• B) Firms will earn zero economic profits in the long run.
• C) Short-run profits are maximized when marginal cost equals marginal revenue.
• D) All of the above.

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Definitions:

Tex-Mex

A cuisine that combines elements of Mexican and Texan food, known for its use of melted cheese, meat, and spices.

Guacamole

Guacamole is a traditional Mexican dip made from mashed avocados, onions, tomatoes, and seasoning, often enjoyed with chips or as a condiment.

Avocados

A nutrient-rich fruit known for its creamy texture and health benefits, often used in culinary arts.

Restrictive Clause

A part of a sentence that limits the scope of a noun and is essential to its meaning.