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Economics
Which of the following is true regarding the similarities and differences in monopolistic competition and monopoly ?
A
the monopolist faces a downward-sloping demand curve while the monopolistic competitor faces an elastic demand curve
Option A
B
the monopolist charges a price above marginal cost while the monopolistic competitor charges a price equal to marginal cost
Option B
The monopolist makes economic profits in the long run while the monopolistic competitor makes zero economic profits in the long run
Correct answer
D
Both the monopolist and the monopolistic competitor operate at the efficient scale
Option D
Correct answer: C
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