Which of the Following Statements About Monopoly Is False

question 18

Multiple Choice

Which of the following statements about monopoly is false?

• A)A single firm serves the market.
• B)There are no close substitutes for the monopolist's output.
• C)There are usually significant barriers to entry.
• D)Because there is a single firm serving the entire market, the monopolist can charge whatever price it wants to for its output.

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Definitions:

Stingy

Describing a person or behavior characterized by an unwillingness to spend money or use resources; being miserly or parsimonious.

Personal Unconscious

According to Carl Jung, the layer of the unconscious that houses material which is not within one's conscious awareness but is personal to the individual.

Repressed Thoughts

Unconscious defense mechanisms where distressing thoughts and memories are blocked from conscious awareness.

Undeveloped Ideas

Concepts or thoughts that have not been fully thought out, explored, or expanded upon to reach their potential understanding or application.