Which of the following is a difference between a perfectly competitive market and a monopoly?
A) There are huge barriers to entry in a perfectly competitive market, while there are no barriers to entry in a monopoly.
B) The sellers in a perfectly competitive market are price makers, while a seller in a monopoly market is a price taker.
C) The equilibrium price in a perfectly competitive market exceeds marginal revenue, while the equilibrium price in a monopoly equals marginal revenue.
D) The market demand curve faced by a perfectly competitive firm is horizontal, while the market demand curve in a monopoly is downward-sloping.
D
You might also like to view...
How is a competitive firm's demand for labor derived when labor is the firm's only variablefactor of production in the short run?
What will be an ideal response?
Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, the corresponding total revenue function is:
A) 6Q. B) 90 - 6Q. C) 90 - 3Q. D) 90Q - 3Q2.
If supply of a product increases and demand for the product decreases, equilibrium price will definitely change.
Answer the following statement true (T) or false (F)
Refer to the table below. The consumption of which bar yields the greatest marginal utility?
The table below shows the utility schedule for a consumer of candy bars.
A. Third
B. Fourth
C. Sixth
D. Second