In Monopolistic Competition If There Is Profit, There Is

question 16

Multiple Choice

In monopolistic competition if there is profit, there is:

• A) a signal for new firms to enter.
• B) a motive for existing firms to increase prices.
• C) proof that advertising works.
• D) a motive for existing firms to decrease prices.

Understand the impact of verbal and non-verbal communication discrepancy.

Identify the importance of non-judgmental responses in client engagement.

Recognize the role of humor and its appropriate use in social work practice.

Understand the concept of stacking questions and their impact on client communication.

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Definitions:

Relevant Costs

Costs that should be considered when making a decision because they will be affected by the decision; these costs are future-oriented and differ among alternatives.

Sunk Costs

Costs that have already been incurred and cannot be recovered or altered by any current or future actions.

Unproductive

Refers to resources or activities that do not contribute to the output or efficiency of a process or operation.

Fixed Costs

Costs that do not change in total with changes in the volume of production or sales, such as rent, salaries, and insurance.