If a Perfectly Competitive Industry Is Taken Over by a Monopolist

question 52

Multiple Choice

If a perfectly competitive industry is taken over by a monopolist,

• A)output will always rise
• B)output will always fall
• C)market price will probably not change
• D)marginal cost will approach average variable cost in the long run
• E)market price could fall if there are large gains from technological changes under monopoly

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Definitions:

Performance Measures

Indicators or metrics used to assess the effectiveness, efficiency, and quality of work performed by individuals or organizations.

Benchmarks

Standard points of reference against which things can be compared or assessed to measure the quality or performance.

Performance Improvement Plan

A formal plan developed to help employees improve their performance in specific areas that have been identified as deficient.

Performance Management Plan

The documented plan of performance objectives set for the employee to achieve over the upcoming appraisal period.