When a Perfectly Competitive Industry Is Taken Over by a Monopoly,some

question 274

Multiple Choice

When a perfectly competitive industry is taken over by a monopoly,some consumer surplus is transferred to the monopolist in the form of

• A) marginal cost.
• B) economic profit.
• C) deadweight loss.
• D) taxes.
• E) average variable cost.

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Definitions:

Tax

An essential levy or different assessment exacted from taxpayers by a governmental institution, aimed at covering the costs of government activities and various public financial needs.

Job Enrichment

A method of motivating employees by adding more meaningful tasks and duties to their role to increase engagement and satisfaction.

Job Enlargement

Was developed to increase the total number of tasks workers perform based on the assumption that doing the same basic task over and over is the primary cause of worker dissatisfaction.

Job Description

A formal account of an employee's responsibilities, duties, and scope of work.