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What is one difference between perfectly competitive firms and monopolies quizlet?A single perfectly competitive firm faces a horizontal demand curve but a monopolist faces a downward-sloping demand curve.
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What is the major difference between a monopolist and a competitive firm in maximizing its profit?However, there are several key distinctions. In a perfectly competitive market, price equals marginal cost and firms earn an economic profit of zero. In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit.
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What is the main difference between a competitive firm and a monopoly firm quizlet?
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