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Homework answers / question archive / All of the following, except one, describe both monopoly and perfect competition
All of the following, except one, describe both monopoly and perfect competition. Which does not?
(a) Both try to maximise profits.
(b) Both reduce output if marginal cost exceeds marginal revenue.
(c) Both determine output by equating marginal revenue and marginal cost.
(d) Both increase output if marginal revenue exceeds marginal cost.
(e) Both face a perfectly elastic demand curve.
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