All of the following are characteristics of public goods EXCEPT
A) Public goods can be used by more people at no additional cost.
B) The good can be consumed by everyone at the same time without reducing what is available for anyone else.
C) the exclusion principle
D) The goods are perfectly divisible.
Question 2
The model of perfect competition and the model of monopolistic competition differ in that
A) perfect competition assumes many buyers and sellers while monopolistic competition assumes many buyers but few sellers.
B) perfect competition assumes easy entry of new firms while there are more significant barriers to entry in monopolistic competition.
C) perfect competition assumes firms make zero profits in the long run and monopolistic competition assumes firms make positive profits.
D) perfect competition assumes the product is homogeneous and monopolistic competition assumes the product is differentiated.
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