A Benefit of a Monopoly Is

question 206

Multiple Choice

A benefit of a monopoly is

• A)lower prices.
• B)a wide variety of similar products.
• C)decreasing long-run average total costs.
• D)greater creativity by authors who can copyright their novels.

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Definitions:

Actor-Observer Effect

The tendency to attribute one's own actions to external causes while attributing other people's behaviors to internal causes.

Social Psychologist

A professional who studies how individuals think, influence, and relate to one another within a social context.

Behavioral Psychologist

A behavioral psychologist studies and applies principles of behaviorism, focusing on observable behaviors and the ways in which learning occurs through interactions with the environment.

Prisoner's Dilemma

A standard example of a game analyzed in game theory that shows why two completely rational individuals might not cooperate, even if it appears that it is in their best interest to do so.