Solved

What Characteristic Is Common to Perfect Competition,monopolistic Competition,and Monopoly

Question 25

Multiple Choice

What characteristic is common to perfect competition,monopolistic competition,and monopoly?


A) free entry and exit
B) zero economic profit in the long run
C) firms treat the market price as given
D) firms maximize profits by producing where MR = MC
E) small number of buyers relative to the number of sellers

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q20: A market in which a small number

Q21: In the long run,monopolistically competitive firms earn

Q22: Since advertising increases a firm's average total

Q23: The outcomes of different combinations of strategies

Q24: In the long run,equilibrium for a monopolistically

Q26: The U.S.market for locomotives is divided between

Q27: Oligopolies feature<br>A)the absence of barriers to entry<br>B)extensive

Q28: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt=" -Brian and Matt

Q29: Figure 11-16<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3973/.jpg" alt="Figure 11-16

Q30: All of the following,except one,are sources of