Which of the Following Statements Is Correct

question 229

Multiple Choice

Which of the following statements is correct?

• A) Firms in monopolistic competition and monopoly can earn economic profits in both the short run and the long run.
• B) Both perfectly competitive and monopolistically competitive firms are price takers.
• C) Both a monopolistically competitive industry and a monopoly are characterized by a very small number (or one)firm.
• D) Firms can easily enter a perfectly competitive or monopolistically competitive industry.

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Definitions:

Buying Center Role(s)

The different positions or functions individuals within an organization assume during the process of buying or purchasing.

Pharmaceutical Sales Representatives

Professionals who market prescription drugs and medical equipment to healthcare providers on behalf of pharmaceutical companies.

Company Car

A vehicle provided by an employer for the business and sometimes personal use of its employees.

Information Search

The process consumers engage in to gather information about products or services to make an informed purchase decision.