Whenever a Firm Can Charge a Price Greater Than Marginal

question 67

Multiple Choice

Whenever a firm can charge a price greater than marginal cost,

• A)the firm must be a monopolist.
• B)there is some loss of economic efficiency.
• C)consumers have the ability to choose a close substitute.
• D)the firm will earn economic profits.

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Definitions:

Ozone Molecules

Triatomic molecules consisting of three oxygen atoms, crucial for absorbing the majority of the sun's harmful ultraviolet radiation in the Earth's atmosphere.

Molecular Oxygen

A diatomic molecule composed of two oxygen atoms, O2, essential for most forms of life on Earth due to its role in cellular respiration.

Wildlife Habitats

Natural environments in which various species of wild plants, animals, fungi, and other organisms live and interact.

Increased Temperature

A rise in the average temperature of the Earth's atmosphere and oceans, often associated with global warming and climate change.