Which of the Following Best Explains Why Economists Are Generally

question 181

Multiple Choice

Which of the following best explains why economists are generally critical of unregulated monopolists?

• A) Monopolists do not try to minimize their costs of production.
• B) Monopolists produce where marginal revenue is greater than marginal costs.
• C) Monopolists attempt to produce too many products, and as a result, their prices are high, and consumers waste time trying to choose between too many options.
• D) Monopolists restrict output, and as a result, they fail to produce units that are valued more than the marginal cost of producing them.

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Definitions:

Inheriting

The act of receiving genes, traits, or properties from ancestors through the genetic information passed from parents to offspring.

Catastrophic Misinterpretations

The cognitive distortion where an individual irrationally anticipates the worst possible outcome in a situation.

Panic Disorder

A type of anxiety disorder marked by recurrent unexpected panic attacks, characterized by sudden periods of intense fear.