Economics · Market Structures
Which of the following statements are correct? a) A simple monopoly firm always earns super normal profits in both the short run and the long run. b) Sweezy's kinked demand curve model is the best known model explaining price rigidity in an oligopoly market. c) A perfectly competitive firm is a price-taker. d) Firms under monopolistic competition earn only normal profits in the short run.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1a and c
- 2b and c✓
- 3b and d
- 4a and d
Correct answer
b and c
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