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Author Question: Which of the following could be true of perfect competition but not of monopoly? a. The government ... (Read 92 times)

vinney12

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on: Jun 30, 2018
Which of the following could be true of perfect competition but not of monopoly?
 a. The government licenses production of the good to a few firms.
  b. The government grants a patent for the good.
  c. A firm can earn economic profit in the long run.
  d. If price falls below average variable cost, it pays to shut down.
  e. There are no barriers to entry.

Question 2

Which of the following is not characteristic of perfect competition?
 a. many buyers and sellers
  b. brand name advertising
  c. standardized products
  d. fully informed buyers and sellers
  e. free entry and exit of firms


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jlaineee

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Reply #1 on: Jun 30, 2018
Answer to Question 1

E

Answer to Question 2

B


vinney12

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Reply #2 on: Jun 30, 2018
Thank you :)


jlaineee

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Reply #3 on: Jun 30, 2018
Happy to help you


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