You Are Shown a Graph of a Monopolist in Long-Run

question 156

Multiple Choice

You are shown a graph of a monopolist in long-run equilibrium and a graph of a monopolistically competitive firm in short-run equilibrium. How could you tell which is which?

• A) You probably could not.
• B) In the graph of monopolistic competition, the MR curve could be closer to the demand curve.
• C) In the graph of monopoly, the MR curve would be closer to the demand curve.
• D) In the graph of monopoly, the MC would slope upward.

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Definitions:

Substance Use

The ingestion, inhalation, injection, or application of psychoactive substances, which may lead to addiction in some individuals.

Biotransformation

The chemical alteration of substances within the body, such as the metabolizing of medications or toxins by the liver.

Alcohol

A psychoactive substance that is widely consumed in various cultures for its intoxicating effects, but can lead to dependence and health problems when abused.

GABA

Gamma-aminobutyric acid, a neurotransmitter in the brain that helps regulate nervous system activity.