Which of the Following Statements Is Correct? Monopolies Are Socially

question 298

Multiple Choice

Which of the following statements is correct? Monopolies are socially inefficient because they (i)
Charge a price above marginal cost.
(ii)
Produce too little output.
(iii)
Earn profits at the expense of consumers.
(iv)
Maximize the market's total surplus.

• A)(iii) only
• B)(iii) and (iv) only
• C)(i) and (ii) only
• D)(i), (ii), (iii), and (iv)

---

Definitions:

Gilded Age

A period in the late 19th century known for the transformation of the United States through industrialization, urbanization, and the rise of big business, alongside stark social inequalities.

Reform Programs

Initiatives aimed at making changes or improvements in societal, political, or economic systems.

European Legislation

Laws and regulations enacted by the European Union and its member states.

Abolitionist Movement

A social and political movement in the 18th and 19th centuries aimed at ending slavery and the slave trade.