One Difference Between Perfect Competition and Monopolistic Competition Is That

question 123

Multiple Choice

One difference between perfect competition and monopolistic competition is that

• A)in perfect competition, firms cannot earn a long-run economic profit
• B)in perfect competition, firms take full advantage of economies of scale in long-run equilibrium; in monopolistic competition, firms do not
• C)only under perfect competition is there ease of entry and exit
• D)in monopolistic competition, the firm's demand curve is horizontal; in perfect competition, the firm's demand curve slopes downward
• E)in perfect competition, there are many firms; under monopolistic competition, there are few firms

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Definitions:

Illogical Thinking Process

A pattern of thought characterized by conclusions and reasoning that are not consistent with logical principles, often manifesting in various cognitive distortions.

Psychodynamic

A clinical approach focusing on the influence of the unconscious mind on behavior, highlighting internal conflicts and past experiences.

Behavioral-focused

Emphasizes changing behaviors through various psychological strategies and interventions, focusing on observable actions.

Existential

Relating to or based on human existence, especially its inherent meaning, challenges, and the individual's freedom to make choices.