An Important Difference Between a Perfectly Competitive Firm and a Monopolist

question 331

Multiple Choice

An important difference between a perfectly competitive firm and a monopolist is

• A) the size of the firms.
• B) the shape of the demand curve each faces.
• C) the goals of the owners of the firms.
• D) a monopolist normally produces a service, while a perfect competitor normally produces a good.

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Definitions:

Physiological Component

The aspects of a biological system or function that are physical and chemical in nature, such as the body's response to stimuli.

Emotional Experience

The array of feelings arising from stimuli or situations that an individual encounters, encompassing reactions such as joy, sorrow, fear, and anger.

Behavioural Component

In psychology, relates to the actions or reactions of an individual in response to external or internal stimuli.

Physiological Component

The aspects of a biological or psychological phenomenon that are related to the functions of living organisms and their parts.