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Septeos Septeos
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A year ago
Which of the following statements describes a major difference between monopoly and perfect competition?

▸ Monopolistic firms tend to maximize revenue while perfectly competitive firms maximize profit.

▸ Monopolists do not consider consumer demand when choosing price and output levels.

▸ Monopolistic firms emphasize cost minimization whereas perfectly competitive firms emphasize profit maximization.

▸ Perfectly competitive firms cannot maintain positive economic profits in the long run, whereas monopolists can.

▸ Perfectly competitive firms can never earn economic profits; monopolistic firms always earn economic profits.
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Microeconomics

Microeconomics


Edition: 17th
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Boba155Boba155
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A year ago
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Septeos Author
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A year ago
Helped a lot
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You make an excellent tutor!
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Just got PERFECT on my quiz
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