Which of the following is true of monopoly?
a. There are no barriers to entry.
b. The firm is a price taker.
c. There are no close substitutes for the product being produced.
d. There are many firms in the industry.
e. The firm faces a horizontal demand curve.
Question 2
Which of the following is not true of a perfectly competitive market?
a. Firms experience constant returns to scale.
b. Firms face significant barriers to entry.
c. Economic profit is zero.
d. Each firm chooses the quantity it wants to sell.
e. Each firm knows the prices of outputs and inputs.
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