Which of the Following Is Not a Difference Between a Monopoly

question 10

Multiple Choice

Which of the following is not a difference between a monopoly and a competitive firm?

• A)An industry that is monopolized will produce less than the same industry that is competitive.
• B)Monopolies always earn economic profits, whereas competitive firms never do.
• C)For a monopoly, price is greater than marginal revenue, whereas price and marginal revenue are the same for a competitive firm.
• D)There is a deadweight loss associated with a monopoly, whereas a competitive industry suffers no deadweight loss.
• E)A competitive firm produces at minimum average total cost in a long-run equilibrium, whereas this is not necessarily the case for a monopoly.

Understand the concept of majority voting and its implications on public goods provision.

Grasp the paradox of voting and how the median voter theorem operates in elections.

Recognize conditions under which a law, even if desired by the majority, might be economically inefficient.

Identify and explain voter failure and its impacts on policy outcomes.

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