When a Competitive Market Becomes Controlled by a Monopoly,the Price

question 49

Multiple Choice

When a competitive market becomes controlled by a monopoly,the price ________ and the output ________.

• A) increases; stays the same
• B) increases; increases
• C) decreases; stays the same
• D) increases; decreases
• E) decreases; decreases

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Definitions:

Costly Legal Action

Legal proceedings that incur significant expenses, often involving litigation or dispute resolution processes.

Guardianship

A legal process designed to protect individuals who are not capable of caring for themselves, by appointing someone to make decisions on their behalf.

Mentally Incompetent

A legal status indicating a person's inability to make decisions or handle affairs because of mental incapacity.

Disaffirmance

The legal right of a party, typically a minor or someone under duress at the time of contract formation, to renounce or void a contract.