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A difference between a perfectly competitive industry and a monopoly is that   A.   a firm in a perfectly competitive industry can perfectly price discriminate but a monopoly cannot.   B.   only monopolies have an incentive to maximize profit.   C.   in the long​ run, firms in a perfectly competitive industry make zero economic profit and a monopoly can make an economic profit.   D.   a barrier to entry protects perfectly competitive firms in the short run and protects a monopoly in the long run.   E.   perfectly competitive firms can have a public franchise

A difference between a perfectly competitive industry and a monopoly is that   A.   a firm in a perfectly competitive industry can perfectly price discriminate but a monopoly cannot.   B.   only monopolies have an incentive to maximize profit.   C.   in the long​ run, firms in a perfectly competitive industry make zero economic profit and a monopoly can make an economic profit.   D.   a barrier to entry protects perfectly competitive firms in the short run and protects a monopoly in the long run.   E.   perfectly competitive firms can have a public franchise

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter9: Monopoly
Section: Chapter Questions
Problem 29CTQ: Imagine that you ale managing a small firm and thinking about entering the market of a monopolist....
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A difference between a perfectly competitive industry and a monopoly is that

 

A.

 

a firm in a perfectly competitive industry can perfectly price discriminate but a monopoly cannot.

 

B.

 

only monopolies have an incentive to maximize profit.

 

C.

 

in the long​ run, firms in a perfectly competitive industry make zero economic profit and a monopoly can make an economic profit.

 

D.

 

a barrier to entry protects perfectly competitive firms in the short run and protects a monopoly in the long run.

 

E.

 

perfectly competitive firms can have a public franchise.

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