Which of the Following Statements Describes a Major Difference Between

question 120

Multiple Choice

Which of the following statements describes a major difference between monopoly and perfect competition?

• A)Perfectly competitive firms cannot maintain positive economic profits in the long run,whereas monopolists can.
• B)Monopolists do not consider consumer demand when choosing price and output levels.
• C)Monopolistic firms tend to maximize revenue while perfectly competitive firms maximize profit.
• D)Monopolistic firms emphasize cost minimization whereas perfectly competitive firms emphasize profit maximization.
• E)Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.

---

Definitions:

Model

A representation, either physical, mathematical, or conceptual, used to describe or simulate a process, concept, or entity.

Cognitive Explanation

An understanding that focuses on internal mental processes such as perception, memory, thought, and problem-solving to explain behavior.

Vicariously

Experiencing something indirectly or through the feelings or actions of another person, often used in the context of learning or emotion.

Observational Learning

The process of learning behaviors by watching and imitating others, without direct instruction or reinforcement.