11. Market structures are categorized by the following two criteria: A. the numb

Question

11. Market structures are categorized by the following two criteria: A. the number of firms and the size of the firms B. whether or not products are differentiated and the extent of advertising C. the number of firms and whether or not products are differentiated D. the size of the firms and the extent of advertising 12. The following are four differences between monopoly and perfect competition. Which of these is incorrect? A. A monopolist has a large market share while a perfect competitor does not. B. Unlike a perfectly competitive firm, a monopoly can make positive economic profits in the long run. C. A monopoly will charge a higher price and produce a smaller quantity than a competitive market with the same demand and cost structure. D. Monopoly profits can continue to exist in the long run, because the monopoly produces more and charges a higher price than a comparable perfectly competitive industry.

Explanation / Answer

(A)the number of firms and whether or not products are differentiated

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