If Pizza Used to Be Produced in a Perfectly Competitive

question 62

Multiple Choice

If pizza used to be produced in a perfectly competitive market, and now the pizza market has become a monopoly, we can expect:

• A) less pizza to be sold at a higher price.
• B) more pizza to be sold at a higher price.
• C) less pizza to be sold at a lower price.
• D) more pizza to be sold at a lower price.
• E) the same amount of pizza to be sold at the same price.

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Definitions:

Entrepreneurs

Visionaries who identify market gaps and deploy resources innovatively to establish new businesses or revamp existing ones.

Political Response

Political response refers to the actions or reactions of government bodies or political leaders to events, crises, or public demands.

Reactive

describes a response or action that is taken as a result of an external stimulus, rather than initiated by proactive planning.

Proactive

Pertains to taking initiative and acting in anticipation of future problems or needs.