Which of the Following Is True

question 102

Multiple Choice

Which of the following is true?

• A) In an oligopoly market, the equilibrium price is higher than the competitive equilibrium price.
• B) In a monopoly market, the equilibrium price in the long run approaches the competitive equilibrium price.
• C) In a monopolistically competitive market, the long-run equilibrium price is higher than the competitive equilibrium price.
• D) In an oligopoly with differentiated products, the equilibrium prices of the firms are the same.

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Definitions:

Motion

A request made to a court for a desired order or directive to be issued.

Jurisdiction

The official power to make legal decisions and judgments, often within a specified geographic area or over particular types of cases.

Default Judgment

A judgment in favor of one party due to the failure of the other party to take action, such as failing to respond to a legal pleading within the time limits.

Subject-Matter Jurisdiction

The authority of a court to hear cases of a particular type or cases relating to a specific subject area.