Which One of the Following Is True for Perfect Competition,monopolistic

question 37

Multiple Choice

Which one of the following is true for perfect competition,monopolistic competition,and single-price monopoly?

• A)Each firm produces an identical good.
• B)Each firm makes zero long-run economic profit.
• C)The profit maximizing quantity occurs at the quantity at which MC = MR.
• D)There is easy entry and exit.
• E)Demand is perfectly elastic.

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