Which of the Following Statements Is Correct

question 325

Multiple Choice

Which of the following statements is correct?

• A) Firms in monopolistic competition and monopoly can earn economic profits in both the short run and the long run.
• B) Both perfectly competitive and monopolistically competitive firms are price takers.
• C) Both a monopolistically competitive industry and a monopoly are characterized by a very small number of (or one) firm(s).
• D) Firms can easily enter a perfectly competitive or monopolistically competitive industry.

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Definitions:

Alcohol Consumption

The intake of beverages containing ethanol, which can have various effects on health and behavior depending on the amount and frequency of consumption.

Signs of Malnutrition

Physical indicators that suggest a lack of proper nutrition, such as weight loss, fatigue, and muscle weakness.

Brittle Nails

A condition where nails are fragile, easily broken or split, which can indicate nutritional deficiencies or underlying health conditions.

Dry Skin

A condition wherein the skin lacks moisture, leading to roughness, flaking, itching, and sometimes cracking.