Monopolies Are Characterized by All of the Following,except One

question 172

Multiple Choice

Monopolies are characterized by all of the following,except one.Which is the exception?

• A)a downward-sloping demand curve
• B)potential for long-run profits
• C)a perfectly elastic demand curve
• D)barriers to entry
• E)no close substitutes for the good produced

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Definitions:

Garrett Hardin

An American ecologist and philosopher who is known for his work on human population growth, environmental ethics, and the concept of the "Tragedy of the Commons."

Social Dilemmas

Situations in which individual decision-makers face choices where the outcome of one choice will lead to suboptimal outcomes for all involved parties.

Fossil Fuels

Natural fuels such as coal, oil, and natural gas formed from the decomposed remains of ancient plants and animals, used as a primary energy source.

Tragedy of the Commons

A situation in a shared-resource system where individual users acting independently according to their own self-interest behave contrary to the common good of all users by depleting or spoiling that resource.