Which of the Following Statements Is Correct

question 253

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 charge a price equal to marginal cost.
• C) Firms in perfect competition, monopolistic competition, and monopoly maximize profits by producing where marginal revenue equals marginal cost.
• D) Both perfectly competitive and monopolistically competitive firms produce the welfare-maximizing level of output.

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Definitions:

Retriever

In a context of data management or networking, a retriever is a mechanism or tool that fetches or extracts required data from a database or from across the internet.

Derived Class

A class in object-oriented programming that is created by inheriting properties and methods from another class.

Composition

In object-oriented programming, composition is a design principle where a class references one or more objects of other classes in instance variables, thus representing a "has-a" relationship.

"Has-a" Relationship

In object-oriented programming, it indicates that an object of one class contains or encapsulates objects of another class.