One of the Major Differences Between a Monopolist and a Purely

question 227

Multiple Choice

One of the major differences between a monopolist and a purely competitive firm is that the monopolist has a _____ demand curve,while the purely competitive firm has a _____ demand curve.

• A)downward-sloping;perfectly elastic
• B)perfectly inelastic;perfectly elastic
• C)downward-sloping;perfectly inelastic
• D)perfectly elastic;downward-sloping

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Definitions:

Equilibrium Wage Rate

The wage rate at which the supply of labor is equal to the demand for labor in the labor market.

Economic Rents

Payments to a factor of production in excess of what is needed to keep that factor in its current use, often due to limited supply or unique attributes.

Wage Rate

The standardized amount of compensation an employee receives from an employer in exchange for their labor, typically expressed per hour or year.

Firefighters

Emergency responders trained to fight fires, conduct rescue operations, and mitigate other Hazards to protect life and property.