Which of the Following Statements About the Differences Between Monopoly

question 73

Multiple Choice

Which of the following statements about the differences between monopoly and perfect competition is INCORRECT?

• A) A monopolist has market power, while a perfect competitor does not.
• B) Unlike a perfectly competitive firm, a monopoly can make positive economic profits in the long run.
• C) A monopoly will charge a higher price and produce a smaller quantity than a competitive market with the same demand and cost structure.
• D) Monopoly profits can continue in the long run because the monopoly produces more and charges a higher price than a comparable perfectly competitive industry.

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