What Can Measure the Economic Inefficiency of a Monopolist

question 181

Multiple Choice

What can measure the economic inefficiency of a monopolist

• A)the number of consumers who are unable to purchase the product because of its high price
• B)the excess profit generated by monopoly firms
• C)the loss of producer surplus by monopoly firms
• D)the deadweight loss

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Definitions:

Evolutionary Psychologists

Researchers who study how evolutionary principles, such as natural selection and adaptation, influence human thoughts, feelings, and behaviors.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method or decision.

Improbable Events

Improbable events are occurrences with a low likelihood of happening, often surprising or unforeseen due to their rarity.

Confirmation Bias

The proclivity to pursue, decode, cherish, and memorize information that reinforces one's preconceived beliefs or assumptions.