The Major Difference Between Monopolistic Competition and Monopoly Is

question 207

Multiple Choice

The major difference between monopolistic competition and monopoly is

• A) monopoly is a price setter, and a firm in monopolistic competition is a price taker.
• B) only a monopoly can make an economic profit in the long run.
• C) only a firm in monopolistic competition can make an economic profit in the short run.
• D) how the quantity of output is determined.
• E) only firms in monopolistic competition are protected by barriers to entry.

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Definitions:

Social

Relating to society or its organization, emphasizing the interaction and relationships between individuals and communities.

Cultural Rules

Norms and guidelines that dictate acceptable behavior within a society or community, often passed down through generations.

Symbolic Interaction

A sociological perspective asserting that people give meaning to objects, events, and behaviors, and that these meanings are created and maintained through symbolic interaction and communication.

Societies

Human associations characterized by patterns of relationships between individuals sharing distinct cultures, institutions, and norms.