Market Where No Long Run Economic Profits And Barriers Exist

Question

1. In comparing a monopoly and a competitive firm, with a monopoly the economy will have:

A) lower producer surplus.
B) deadweight loss.
C) higher consumer surplus.
D) All of the answers are correct.

2. _____ is a market where there are no long-run economic profits, no barriers to entry or exit, some control over price, and differentiated products.

A) Oligopoly
B) Monopoly
C) Monopolistic competition
D) Competition

Summary

These multiple choice questions belong to Economics. The 1st question is about comparing monopoly and competitive firm and the 2nd question is about the market where no long run economic profits and barriers exist.

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