Monopolists Are Criticized Because They Are Inefficient

question 70

Multiple Choice

Monopolists are criticized because they are inefficient. What is meant by this statement?

• A) Monopolists could use their resources better elsewhere.
• B) Monopolists don't innovate enough to control pollution.
• C) Monopolists produce a large quantity of waste.
• D) Monopolists usually don't produce at the minimum of the ATC.

Identify the relationship between price changes and quantity demanded.

Analyze the effect of price changes on total revenue based on the elasticity of demand.

Recognize the factors that influence the elasticity of demand for a product.

Assess how businesses use price elasticity of demand to make pricing decisions.

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Definitions:

Choanoflagellates

A group of free-living unicellular and colonial flagellate eukaryotes considered to be the closest living relatives of animals.

Ribbon Worms

A group of soft-bodied, often very long and slender invertebrates belonging to the phylum Nemertea.

Flatworms

A phylum of simple, bilaterally symmetrical, unsegmented invertebrates with a flattened body, including planarians, flukes, and tapeworms.

Acoelomates

Animals without a coelom, or body cavity, between the digestive tract and the outer body wall, including flatworms.