In Addition to Misallocating Resources,monopolists Are Also Accused of

question 30

Multiple Choice

In addition to misallocating resources,monopolists are also accused of

• A) being slow to innovate and adopt new technologies.
• B) equating average costs with demand.
• C) producing more of a good than society can absorb.
• D) charging the highest prices they can possibly get.
• E) maximizing per unit profits rather than total profits.

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Definitions:

Quasi-Contract

An obligation imposed by law to prevent unjust enrichment, even though no contract exists between the parties.

Statute of Frauds

A legal concept that requires certain types of contracts to be in writing in order to be enforceable.

Express Contract

A contract in which the terms are explicitly stated and agreed upon by the parties, either verbally or in writing.

Parol Evidence Rule

A legal principle in contract law that prevents parties from presenting extrinsic evidence of terms not included in the written contract.