Competitive Firms Differ from Monopolies in Which of the Following

question 514

Multiple Choice

Competitive firms differ from monopolies in which of the following ways? i) Competitive firms do not have to worry about the price effect lowering their total revenue.
Ii) Marginal revenue for a competitive firm equals price, while marginal revenue for a monopoly is less than the price it is able to charge.
Iii) Monopolies must lower their price in order to sell more of their product, while competitive firms do not.

• A) i) and ii) only
• B) ii) and iii) only
• C) i) and iii) only
• D) i), ii), and iii)

---

Definitions:

Anxiety Disorders

A group of psychiatric conditions characterized by excessive fear, anxiety, and avoidance behaviors that interfere with daily functioning.

Phenylketonuria

Phenylketonuria is a metabolic genetic disorder characterized by the inability to metabolize the amino acid phenylalanine, leading to intellectual disabilities and other symptoms if untreated.

Grace

An elegance or beauty of form, manner, motion, or action often described in a spiritual or divine context.

Newborn Baby

An infant who is within hours, days, or up to a few weeks from birth.