Which One of the Following Statements Is TRUE for BOTH

question 115

Multiple Choice

Which one of the following statements is TRUE for BOTH perfect competition and monopolistic competition?

• A) Each type of firm faces a downward sloping demand curve.
• B) Each type of firm produces a homogeneous product.
• C) In the long run, firms in both industries make zero economic profit.
• D) Each type of firm competes on product quality and price.

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Definitions:

Genocide

The deliberate and systematic extermination of a national, racial, political, or cultural group.

Internal Colonialism

The economic and political subjugation of the minority group by the dominant group within a nation.

Minority Group

A category of people who experience relative disadvantage as compared to members of a dominant social group, often marked by racial, religious, ethnic, or gender distinctions.

Political Borders

Imaginary lines that define the boundary of a nation or state, separating it from other nations or states.