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(Choose 1 answer)
Competitive firms are different from monopolies in which of the following ways? (i) Competitive firms are price takers; (ii)Marginal revenue for a competitive firm equals price, while marginal revenue for a monopoly is less than the price; (iii) Monopolies must lower their price in order to sell more, while competitive firms do not have to do so.
A. (i) and (ii) only
B. (ii) and (iii) only
C. (i) and (iii) only
D. (i), (ii), and (iii)
