If a Perfectly Competitive Industry Is Taken Over by a Monopolist,the

question 183

Multiple Choice

If a perfectly competitive industry is taken over by a monopolist,the market price will rise

• A)due to improvements in technology
• B)assuming that technology is unchanged
• C)and output will rise
• D)unless barriers to entry are imposed
• E)until they equal marginal revenue

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Definitions:

Standard Deviation

An indicator calculating the spread of data around the mean, achieved by the square root of the variance.

Mean

The average of a set of numbers, calculated by dividing the sum of these numbers by the count of the numbers in the set.

Unimodal

Describing a distribution with a single prominent peak or mode, indicating the most commonly occurring value.

Median

The middle value in a sorted list of numbers, which separates the higher half from the lower half of the dataset.