Which of the following accurately describes a major difference ...

[javeds]

Which of the following accurately describes a major difference between a monopolist and firms in perfectly competitive markets?
 a. The monopolist maximizes profit; firms in perfectly competitive markets maximize sales.
 b. The monopolist may earn long-run economic profit; firms in perfectly competitive markets cannot.
  c. The monopolist is a price taker; firms in other markets are price searchers.
 d. The monopolist may earn short-run profit; firms in perfectly competitive markets cannot.

Question 2

A firm's cost can decrease for each of the following reasons, EXCEPT:
 a. an increase in productivity due to experience.
  b. an improvement in productivity of capital employed.
  c. an improvement in work environment and quality of management.
  d. an increase in input prices.

[frejo]

Answer to Question 1

b

Answer to Question 2

D

[javeds]

Thanks for the timely response, appreciate it

[chereeb]

Excellent