Compared to the Output in a Competitive Market, Monopoly Pricing

question 116

Multiple Choice

Compared to the output in a competitive market, monopoly pricing has the consequence of the market output being:

• A)greater than the social optimum
• B)equal to the social optimum
• C)less than the social optimum
• D)all of the above are possible

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Definitions:

Photovoltaic Panels

Devices that convert sunlight directly into electricity through the photovoltaic effect.

Biomass Energy

energy produced from organic materials, such as plant and animal waste, used as fuel.

Ethanol

A type of alcohol that is produced when corn, sugarcane, and other plant material is soaked in ammonia, fermented, and distilled.

Hydroelectric Dams

Structures built across rivers to control water flow and generate electricity through the movement of water through turbines.