The Major Difference Between Monopolistic Competition and Monopoly Is

question 205

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 earn an economic profit in the long run.
• C)only a firm in monopolistic competition can earn 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:

Sugar Synthesis

The process by which plants produce sugars through photosynthesis, using sunlight, carbon dioxide, and water.

Chlorophyll B

A type of chlorophyll pigment present in green plants and algae, absorbing light primarily in the blue portion of the electromagnetic spectrum.

Green Accessory Pigment

Green accessory pigment refers to chlorophyll b and other pigments in plants that assist in photosynthesis by capturing light energy and transferring it to chlorophyll a.

Antenna Complex

A structure in photosynthetic organisms composed of pigment molecules that captures light energy and transfers it to reaction centers for photosynthesis.