An Important Difference Between a Monopoly and a Competitive Industry

question 93

Multiple Choice

An important difference between a monopoly and a competitive industry is that:

• A)a monopoly earns zero profits while competitive firms earn positive economic profits in the long run.
• B)a profit-maximizing monopolist equates price and marginal cost while profit-maximizing firms in competitive industries equate marginal revenue and marginal cost.
• C)a monopoly is a price maker while a competitive industry faces a horizontal demand curve.
• D)a monopoly has a vertical supply curve while a competitive firm's marginal cost curve is the supply curve.

Identify and differentiate between various influence tactics.

Recognize the outcomes of influence tactics and their implications.

Understand the application of power and influence tactics in organizational settings.

Evaluate the ethical considerations in the use of power and influence tactics.

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Definitions:

Achievement Oriented

Characterized by a persistent drive to exceed standard expectations and accomplish significant goals.

Time-Pressed

The state of being under pressure to complete tasks within a limited timeframe.

Negative Emotions

Feelings that are generally considered to be unpleasant or undesirable, such as sadness, anger, fear, or jealousy.

Heart Disease

A range of conditions that affect the heart, including blood vessel diseases, heart rhythm problems (arrhythmias), and heart defects among others.