Why Does Inefficiency Arise from a Monopoly

question 171

Multiple Choice

Why does inefficiency arise from a monopoly

• A)The monopoly firm earns an excessively large profit.
• B)Some buyers will refrain from buying the good, due to the high price.
• C)Some sellers will refrain from buying the good, due to the low price.
• D)Consumers who buy the goods feel exploited.

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Definitions:

Concrete Operational

A stage in Piaget's theory of cognitive development (ages 7-11) where children gain the ability to think logically about concrete, tangible objects and events.

Sausage

A type of meat product usually made from ground meat, often pork, beef, or poultry, along with salt, spices, and other flavorings, encased in a skin.

Development Stage

A distinct phase in an individual or group's growth or development process, characterized by specific milestones or achievements.

Concrete Operational Stage

A stage in Piaget’s theory of cognitive development, from about 7 to 12 years, during which children gain the ability to think logically about concrete events.