In Monopolistic Competition as Well as in Monopoly

question 10

Multiple Choice

In monopolistic competition as well as in monopoly,

• A)price exceeds marginal revenue for each firm.
• B)profit is zero in a long-run equilibrium for each firm.
• C)entry and exit by firms are unrestricted.
• D)there are at most a few firms in each market.

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Definitions:

Furman v.Georgia

A landmark Supreme Court case that led to a moratorium on capital punishment in the United States, critiquing the arbitrary nature of its application.

Retribution

A concept in criminal justice whereby punishment is exacted on an offender as a form of justified vengeance for their actions.

Deterrence Theory

A concept in criminology that argues the certainty, severity, and swiftness of punishment can deter individuals from committing crimes.

Pre-Twentieth Century

Referring to the period in history before the year 1900.