Many Economists Criticize Monopolists Because They

question 276

Multiple Choice

Many economists criticize monopolists because they

• A) charge a price that equals marginal cost rather than a price that equals average cost.
• B) don't innovate.
• C) produce a large quantity of waste.
• D) produce less than the socially efficient level of output.

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Definitions:

Increase in Quantity

A rise in the amount of a certain good or service produced or supplied in the market.

Adoption of New Technology

The process by which new tools, systems, or services are embraced and utilized by individuals, businesses, or organizations.

Market for Cars

The economic environment involving the buying, selling, and production of automobiles.

Economics Major

An Economics Major is an academic program focusing on the study of how societies use resources to produce goods and services and distribute them among populations.