Which of the Following Is a Characteristic of a Monopoly

question 124

Multiple Choice

Which of the following is a characteristic of a monopoly but NOT of a competitive market?

• A) A monopoly contains many firms.
• B) price > marginal cost
• C) price < marginal cost
• D) price = marginal cost
• E) A monopoly is a price-taker.

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Definitions:

John Locke

A 17th-century English philosopher known for his work in political philosophy, empiricism, and social contract theory.

Two-Worlds Assumption

The philosophical concept that reality is divided into two distinct realms or worlds, such as the physical and the spiritual, or the empirical and the ideal.

Pragmatic Theory

An approach in philosophy focusing on practical consequences and uses of concepts and beliefs as the basis for their truth, meaning, or worth.

Scientific Theories

Comprehensive explanations of some aspect of nature that are supported by a vast body of evidence, making them well-established and accepted by the scientific community.