A major difference between monopoly and perfect competition is that... a. Monopolistic firms tend to maximise revenue while perfectly competitive firms maximise profit. b. Perfectly competitive firms cannot maintain positive economic profits in the long run, whereas monopolists can. c. Monopolistic firms emphasise cost minimisation whereas perfectly competitive firms emphasise profit maximisation. d. Monopolists do not consider consumer demand when choosing price and output levels. e. Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.
A major difference between monopoly and perfect competition is that... a. Monopolistic firms tend to maximise revenue while perfectly competitive firms maximise profit. b. Perfectly competitive firms cannot maintain positive economic profits in the long run, whereas monopolists can. c. Monopolistic firms emphasise cost minimisation whereas perfectly competitive firms emphasise profit maximisation. d. Monopolists do not consider consumer demand when choosing price and output levels. e. Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter9: Monopoly
Section: Chapter Questions
Problem 19SQ
Related questions
Question
Q99
A major difference between monopoly and perfect competition is that...
a.
Monopolistic firms tend to maximise revenue while perfectly competitive firms maximise profit.
b.
Perfectly competitive firms cannot maintain positive economic profits in the long run, whereas monopolists can.
c.
Monopolistic firms emphasise cost minimisation whereas perfectly competitive firms emphasise profit maximisation.
d.
Monopolists do not consider consumer demand when choosing price and output levels.
e.
Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning