Both Monopolists and Monopolistic Competitors

question 96

Multiple Choice

Both monopolists and monopolistic competitors:

• A)make positive economic profits in the long run.
• B)have high barriers to entry.
• C)charge a price that is greater than the MC of production.
• D)produce a unique product.

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Definitions:

Rousseau

Jean-Jacques Rousseau, an 18th-century philosopher known for his contributions to political philosophy and education.

Rogers

Refers to Carl Rogers, an influential American psychologist who founded the humanistic approach to psychology.

Catharsis

The process of releasing, and thereby providing relief from, strong or repressed emotions.

Emotion

A complex reaction pattern, involving experiential, behavioral, and physiological elements, by which an individual attempts to deal with a personally significant matter or event.