The world of imperfect competition:
A) lies between the extremes of perfect competition and monopoly.
B) is a world where firms battle over market shares.
C) is a world where economic profits may or may not persist in the long run.
D) is described by all of the above.

Question

Quizplus · Accepted Answer

The world of imperfect competition is characterized by all of the above. It lies between the extremes of perfect competition and monopoly, involves firms battling over market shares, and economic profits may or may not persist in the long run.

The World of Imperfect Competition