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11) Which of the following is true for a monopoly and a competitive market? A)        A...

11) Which of the following is true for a monopoly and a competitive market?

A)        A goal of maximizing profit.

B)        Maximize profit at the same production levels.

C)        Earn the same economic profits.

D)          Achieve efficiency in production at the profit-maximizing output.

E)           Serve the society in the best possible way

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Answer #1

A goal of maximizing profit is true for a monopoly and a competitive market. All others are not the same for both the markets because maximize profit not at the same production levels , not earn the same economic profits , Monopoly not serve the society in the best possible way Hence,option(A) is correct.

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