Figure 94 Figure 9

question 93

Multiple Choice

Figure 9.4 Figure 9.4 shows the demand and cost curves for a monopolist.
-Refer to Figure 9.4.What is likely to happen to this monopoly in the long run?

• A)New firms will enter the market to eliminate its profits.
• B)It will expand its output to take advantage of economies of scale so as to further increase its profit.
• C)As long as there are entry barriers, this firm will continue to enjoy economic profits.
• D)It will be regulated by the government because of its excess profits.

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Definitions:

Maslow's Hierarchy

A conceptual understanding of mental wellness that emphasizes the satisfaction of fundamental human necessities as a pathway to achieving self-actualization.

Rigid Order

A strict and unyielding system or arrangement of things, often leading to inflexibility and resistance to change.

Lower-Order Needs

In Maslow’s hierarchy are physiological, safety, and social.

Esteem

A feeling of respect and admiration for oneself or others, often related to one's achievements or qualities.