An Unsaturated Hydrocarbon Is One That Will Absorb Water

question 84

True/False

An unsaturated hydrocarbon is one that will absorb water.

Understand the implications of economies of scale and barriers to entry in creating and sustaining monopolies.

Differentiate the demand curve faced by monopolies from that faced by competitive firms.

Recognize the role of government restrictions, patents, and control over resources in creating monopolies.

Explain the impact of monopolistic decisions on economic efficiency and consumer prices.

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Definitions:

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a utility to consumers equal to the cost of producing it.

Productive Efficiency

A situation in which a good or service is produced at the lowest possible cost.

Monopolistic Producer

A single producer that has control over the market for a product or service, often characterized by a lack of close substitutes.

Competitive Firm

A company that operates in a market with many competitors, where prices are determined by supply and demand.