1) In comparing the Perfectly Competitive and Pure Monopoly market structures, one aspect they both have in common is th...
1) In comparing the Perfectly Competitive and Pure Monopoly market structures, one aspect they both have in common is that they both:
Group of answer choices
Face a perfectly elastic demand curve
Block entry of other firms into their markets
Make production decisions such that MR = MC
Have influence over market prices
Have no close substitutes for their products
Homework Answers
Ans is C
Both Firm produces at a point where marginal revenue=marginal cost
In case of perfect competition, P=AR=MR and equilibrium is achieved when MR=MC
whereas in case of Monopoly, firm produces at a point where price>marginal revenue=marginal cost
But both Firm produces where MR=MC
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