Which of the Following Statements Is TRUE

question 187

Multiple Choice

Which of the following statements is TRUE?
I. To maximize profit, a monopolist produces where P = MC.
II. Economies of scale are likely important for subways and cable TV.
III. Since producer surplus includes large monopoly profits, total surplus is higher in monopoly markets.

• A) I only
• B) II only
• C) II and III only
• D) I, II, and III

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Definitions:

Voluntary Reaction

involves conscious control over actions or movements, such as deciding to grab a cup of coffee.

Reaction Time Experiment

An experimental procedure used to measure the amount of time it takes for an individual to respond to a specific stimulus.

Voluntary Responses

Actions that are under conscious control, often in reaction to stimuli or signals, and involve the coordination of the nervous and muscular systems.

Environmental Changes

Alterations or modifications in the physical, chemical, and biological conditions of an environment due to natural processes or human activities.