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Under both perfect competition and monopoly:

a. there is a large number of sellers

b. there are no barriers to entry of new firms

c. there is product differentiation

d. seller aims for profit maximization

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Yusra Anees
Yusra AneesLv10
29 Mar 2021
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Related questions

1. Which market structure is characterized by a few interdependent firms?

A) Monopoly.

B) Perfect competition.

C) Monopolist competition.

D) Oligopoly.

Ā 

2. The correct ranking (put in order) of the degree of market power (from highest to lowest) is

A) Monopoly, monopolistic competition, perfect competition, oligopoly

B) Monopoly, monopolistic competition, oligopoly, perfect competition.

C) Monopoly, oligopoly, monopolistic competition, perfect competition.

D) Oligopoly, monopoly, monopolistic competition, perfect competition.

Ā 

3. The term monopolistic competition

A) is an alternate expression for monopoly

B) is used to describe perfect competition with strong entry barriers.

C) denotes an industry with one seller of many differentiated products

D) denotes an industry with many sellers of differentiated products.

Which idea is inconsistent with the perfect competition?

A. product differentiation

B. freedom of entry or exit for firms

C. a large number of buyers and sellers

D. price-taking behavior

Which idea is inconsistent with the perfect competition?

Multiple Choice

a) product differentiation

b) freedom of entry or exit for firms

c) a large number of buyers and sellers

d) price-taking behavior

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