If There Is a Sole Producer of a Good,and He

question 11

Multiple Choice

If there is a sole producer of a good,and he faces no threat of competition,it is likely that:

• A)government intervention will increase total surplus.
• B)government intervention will decrease consumer and producer surplus.
• C)government intervention will change prices and have no effect on surplus.
• D)government intervention will make things better for everyone.

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Definitions:

True

Accurate or consistent with fact or reality; not false.

Hasty Generalization

A logical fallacy in which a broad conclusion is drawn from a small set of evidence or examples.

Generalizations

A process in reasoning where broader conclusions are drawn from specific cases or examples.

Stereotyping

The act of ascribing generalized and often inaccurate or oversimplified characteristics to members of a group.