Which of the Following Is a Difference Between a Monopolistically

question 119

Multiple Choice

Which of the following is a difference between a monopolistically competitive market and a monopoly in the long run?

• A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist usually earns positive economic profits in the long run.
• B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while a monopolist incurs losses in the long run.
• C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.
• D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while a monopolist charges a price equal to marginal cost in the long run.

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Definitions:

Checks Written

The act of creating checks as payments for expenses, purchases, or obligations by a business or individual.

Bank Reconciliation

The process of matching and comparing figures from banking statements with those in a company’s financial records to ensure accuracy.

Outstanding Checks

Outstanding checks refer to checks that have been written and recorded in the issuing entity's financial records but have not yet been cashed or cleared by the bank.

Notes Receivable

Notes receivable are written promises for amounts to be received by a business, typically indicating interest terms, due dates, and other conditions under which the funds are to be repaid.