If a Perfectly Competitive Industry Is Taken Over by a Single

question 212

Multiple Choice

If a perfectly competitive industry is taken over by a single firm that operates as a single-price monopoly,the price will ________ and the quantity will ________.

• A) fall; decrease
• B) fall; increase
• C) rise; decrease
• D) rise; increase
• E) not change; decrease

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Definitions:

Environmental Justice

The movement aimed at addressing and remedying the disproportionate environmental burdens faced by marginalized communities due to policies and practices that disregard their environmental rights.

Policy, Economics

The study and analysis of how economic theories and principles influence and are applied to public policy, including the impact of government actions on economic performance.

Meaningful Involvement

Participation that is not only active but also has significance and influence on the outcome of processes or decisions in which one is involved.

NIMBY

Short for “not in my back yard”; originally referred to protests aimed at shifting undesirable activities onto those with less power; now sometimes used without negative connotations to describe local environmental activists.