Monopolies Are Considered Inefficient When Compared to Perfect Competition Because

question 58

Multiple Choice

Monopolies are considered inefficient when compared to perfect competition because

• A)marginal revenue exceeds marginal cost
• B)elasticity of demand is less than one
• C)monopolies make profits in the short run
• D)marginal benefit exceeds marginal cost

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Definitions:

Adler

Alfred Adler, an Austrian physician and psychotherapist, established the school of individual psychology, focusing on the significance of inferiority feelings and the creative self.

Perfection

The state or condition of being free from any flaws or defects, often considered as an unattainable ideal in various contexts.

Prime Motive

The main or primary reason that drives an individual to act or behave in a certain way.

Security

Measures and protocols designed to protect people, property, or information from harm or unauthorized access.