Perfect Competition and Monopolistic Competition Are Similar in That Firms

question 45

Multiple Choice

Perfect competition and monopolistic competition are similar in that firms in both types of market structure will

• A) act as price takers.
• B) produce a level of output where price equals marginal cost.
• C) earn zero profit in the long run.
• D) act as price setters.

---

Definitions:

Dangerous People

Individuals who pose a risk of harm to others or to society, often due to violent or aggressive behavior.

Moral Responsibility

The obligation to act rightly or to account for one's actions, based on ethical or moral principles.

Insanity Defense

A legal defense used by defendants in criminal trials to claim they were not responsible for their actions due to mental illness at the time of the crime.

Mentally Disordered

Refers to a condition affecting the mind, characterized by mental health issues that significantly interfere with daily life or well-being.