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Consider the following characteristics:
a. a market structure with barriers to entry
b. demand curves that are easily identified
c. firm cannot make zero profits in the long run
d. firm can reap long-run profits.
Which of the characteristics in the list above is shared by an oligopolist and a monopolist?
Conservation Skills
Cognitive abilities that enable a child to understand that quantity or amount does not change when its form or appearance is altered, a concept developed by Jean Piaget.
Preoperational Thought
A stage in Piaget's theory of cognitive development where children (ages 2-7) begin to engage in symbolic play and struggle with logic and understanding others' perspectives.
Intuitive Reasoning
The process of making decisions on the basis of what feels right or what is instinctively believed to be true without logical reasoning.
Symbolic Thought
The ability to use symbols, like words or images, to represent objects, actions, or ideas not physically present.
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