The Major Difference Between Monopolistic Competition and Monopoly Is

question 207

Multiple Choice

The major difference between monopolistic competition and monopoly is

• A) monopoly is a price setter, and a firm in monopolistic competition is a price taker.
• B) only a monopoly can make an economic profit in the long run.
• C) only a firm in monopolistic competition can make an economic profit in the short run.
• D) how the quantity of output is determined.
• E) only firms in monopolistic competition are protected by barriers to entry.

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Definitions:

Endocrine System

A network of glands that secrete hormones into the bloodstream, regulating various body functions.

Behavioral Genetics

A field of study concerned with understanding how genetic and environmental factors influence behaviors, personality traits, and mental abilities.

Somatic Nervous

This pertains to the somatic nervous system, part of the peripheral nervous system associated with the voluntary control of body movements through the control of skeletal muscles.

Autonomic Nervous

A part of the nervous system that controls involuntary bodily functions, including heart rate, digestion, and respiratory rate.