A competitive market structure differs from the monopoly, oligopoly, and monopolistic competition structures in the
A) producers' ability to set price.
B) profit maximization condition.
C) amount of long run profit.
D) entry conditions.
A
You might also like to view...
Accounting profit equals
a. explicit costs minus implicit costs b. economic profit minus implicit costs c. economic profit minus explicit costs d. economic profit minus explicit costs and implicit costs e. economic profit plus implicit costs
According to the circular-flow diagram, if Suzy is a worker who delivers flowers for Happy Day Flower Company, she participates
a. in the markets for factors of production exchanging labor for income. b. in the markets for factors of production exchanging flowers for revenue. c. in the markets for goods and services exchanging flowers for wages, rent, and profit. d. in the markets for goods and services exchanging labor for income.