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Author Question: Which of the following statements describes a major difference between monopoly and perfect competition? (Read 81 times)

jlol3

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on: Oct 12, 2022

Question 1

Suppose a single-price monopolist knows the following information:

PriceQuantityTRMRFixed CostTCATCMC
5.002000​$4.00$2000​$5.00$3.00

The total profit being earned by this firm at the current level of output is
◦ 0.
◦ $1000.
◦ -$1000.
◦ $2000.
◦ -$2000.

Question 2

Which of the following statements describes a major difference between monopoly and perfect competition?
◦ Monopolistic firms tend to maximize revenue while perfectly competitive firms maximize profit.
◦ Monopolists do not consider consumer demand when choosing price and output levels.
◦ Monopolistic firms emphasize cost minimization whereas perfectly competitive firms emphasize profit maximization.
◦ Perfectly competitive firms cannot maintain positive economic profits in the long run, whereas monopolists can.
◦ Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by jlol3 on Oct 12, 2022

Marys

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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jlol3

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Reply 2 on: Oct 12, 2022
Excellent

LVPMS

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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