In the Long Run, All of the Following Are True

question 211

Multiple Choice

In the long run, all of the following are true for a monopolist EXCEPT

• A) P > ATC.
• B) P = MC.
• C) MR = MC.
• D) P > AVC.

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Definitions:

Misused Power

Instances where authority is used inappropriately or unethically, often leading to unfair outcomes or abuses of rights.

Charismatic Leader

An individual who inspires and motivates followers through their personal vision, rhetoric, and enthusiastic engagement rather than through formal authority or power.

Overconfidence

A cognitive bias characterized by an individual's belief that they are more capable or knowledgeable than reality suggests.

Attribution Theory

A psychological theory focused on how people attempt to understand cause-and-effect relationships, particularly the reasons behind behaviors.