Which of the following accurately describes a major difference between a monopolist and firms in competitive price-searcher markets?
a. A monopolist will maximize profit, while firms in competitive price-searcher markets will maximize sales.
b. A monopolist may be able to earn long-run economic profit, but firms in competitive price-searcher markets will not be able to do so.
c. A monopolist will charge a price that is greater than its marginal cost, but competitive price searchers will charge prices that are just equal to their marginal cost.
d. A monopolist will charge a price that is just equal to its marginal cost, but competitive price searchers will charge prices that are greater than their marginal cost.
B
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What will be an ideal response?
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