Which of the Following Best Explains Why Economists Are Generally

question 181

Multiple Choice

Which of the following best explains why economists are generally critical of unregulated monopolists?

• A) Monopolists do not try to minimize their costs of production.
• B) Monopolists produce where marginal revenue is greater than marginal costs.
• C) Monopolists attempt to produce too many products, and as a result, their prices are high, and consumers waste time trying to choose between too many options.
• D) Monopolists restrict output, and as a result, they fail to produce units that are valued more than the marginal cost of producing them.

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Definitions:

McJobs

Low-paying, low-skilled jobs with poor working conditions and little prospect of advancement, often seen in the fast-food industry and other service sector businesses.

Irrational Bureaucracy

Refers to a bureaucratic system that operates on inefficient, rigid rules and procedures, often resulting in illogical or unreasonable outcomes that defy common sense.

Federal Gun Registry

A system for the official recording of firearms owned by private citizens, typically managed by a national government.

Weber's Fear

Refers to Max Weber's concern regarding the increasing rationalization and bureaucracy in society, leading to disenchantment and a loss of individual freedoms.