Question 37 5 pts a key difference between a monopoly firm and a perfectly competitive firm is a competitive firm can select its output, a monopoly

Question 37

5 pts

a key difference between a monopoly firm and a perfectly competitive firm is

a competitive firm can select its output, a monopoly cannot

a monopoly can choose the resources to use, a competitive firm cannot

a monopoly will make an economic profit, a competitive firm cannot

monopoly can select the price, a competitive firm cannot

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Question 38

5 pts

Which is a consequence of monopolistic competition??

less variety of goods

higher average total costs

fewer numbers of firms in the market

lower average total costs

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Question 39

5 pts

senior citizen discounts are an example of

cartel behavior

price discrimination

perfectly elastic demand

monopolistic competition

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Question 40

5 pts

most firms in the United States belong in which category?

monopolistic competition

price discrimination

oligopoly

perfect competition