A Monopoly Differs from Monopolistic Competition in That

question 248

Multiple Choice

A monopoly differs from monopolistic competition in that

• A)a monopoly has market power while a firm in monopolistic competition does not have any market power.
• B)a monopoly can never make a loss, but a firm in monopolistic competition can.
• C)in a monopoly there are significant entry barriers, but there are low barriers to entry in a monopolistically competitive market structure.
• D)a monopoly faces a perfectly inelastic demand curve while a monopolistic competitor faces an elastic demand curve.

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Definitions:

Permissive

Permissive refers to a style of parenting or authority where there are few limitations on behavior, leading to more freedom and self-direction for the individual.

Kohlberg's Moral Reasoning

A developmental theory proposing that an individual's ability to judge right from wrong evolves through a series of stages.

Preconventional

A stage in moral development, according to Kohlberg, where moral reasoning is based on rewards and punishments.

Premature

Occurring or done before the usual or proper time; too early.