Economists Assume That Monopolists Behave as

question 506

Multiple Choice

Economists assume that monopolists behave as

• A)cost minimizers.
• B)profit maximizers.
• C)price maximizers.
• D)maximizers of social welfare.

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Definitions:

Consumers

Individuals or entities that purchase goods and services for personal use or consumption.

Pay

Pay denotes the salary or wages received by a worker as compensation for their labor or services to an employer.

Regulatory Capture

The situation that occurs when a governmental regulatory agency ends up being controlled by the industry that it is supposed to be regulating.

Government

The group or system of people governing an organized community, often a state, and the authority to make and enforce laws.