Which of the Following Is Characteristics Is Common to Both

question 90

Multiple Choice

Which of the following is characteristics is common to both monopoly and monopolistic competition?

• A)Ease of entry into the industry.
• B)Firms are price setters.
• C)A relatively large number of sellers.
• D)Long-run economic profit equals 0.

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Definitions:

National Union

A term that can refer to a political entity promoting national unity and interests, or a labor union representing workers from a particular country.

Prussia and Austria

Two major powers in central Europe which played pivotal roles in regional politics, military conflicts, and the shaping of the continent's history from the 18th to the early 20th centuries.

German Unification

The process that led to the consolidation of separate German-speaking states into a single nation, Germany, in 1871 under the leadership of Otto von Bismarck.

Great Powers

A term for the most powerful and influential countries in the world, recognized for their military, economic, and diplomatic strengths.