All of the Following Statements,except One,are Correct About a Firm

question 72

Multiple Choice

All of the following statements,except one,are correct about a firm operating under conditions of either monopolistic competition or oligopoly.Which is the exception?

• A)Graphically,it faces a downward-sloping demand curve.
• B)It charges a price above marginal cost in both the short run and the long run.
• C)It charges a price equal to average cost in both the short run and the long run.
• D)It fails to achieve economic efficiency.
• E)It fails to achieve productive efficiency.

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Definitions:

Formal Agreement

A legally binding contract between parties, typically written and signed, outlining specific terms and conditions.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that establishes a uniform framework for international commerce.

Battle of the Forms

A legal concept involving conflicts between differing terms in contracts, typically in commercial transactions.

Acceptance

In contract law, acceptance refers to the agreement by the party to whom an offer has been made to the terms of the offer, resulting in a legally binding contract.