What Characteristic Is Common to Perfect Competition,monopolistic Competition,and Monopoly

question 25

Multiple Choice

What characteristic is common to perfect competition,monopolistic competition,and monopoly?

• A)free entry and exit
• B)zero economic profit in the long run
• C)firms treat the market price as given
• D)firms maximize profits by producing where MR = MC
• E)small number of buyers relative to the number of sellers

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