The Profit Maximizing Behavior of a Monopoly Is Different from That

question 15

Multiple Choice

The profit maximizing behavior of a monopoly is different from that of a perfectly competitive firm in that a monopoly can

• A) only choose the desired output, while a competitive firm can control only price.
• B) only choose the desired price, while a competitive firm can control only output.
• C) control the position of its demand schedule, but a competitive firm cannot.
• D) control the desired price and output to maximize profits, but a perfectly competitive firm can only choose the desired output.

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Definitions:

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