Which of the Following Statements Is Correct? Monopolies Are Socially

question 36

Multiple Choice

Which of the following statements is correct? Monopolies are socially inefficient because they (i) charge a price above marginal cost.
(ii) produce too little output.
(iii) earn profits at the expense of consumers.
(iv)
Maximize the market's total surplus.

• A) (iii)only
• B) (iii)and (iv)only
• C) (i)and (ii)only
• D) (i),(ii),(iii),and (iv)

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Definitions:

Human Thought Processes

The mental activities involved in understanding, processing, and conveying information, including perception, memory, judgment, and reasoning.

Behaviorist

A psychologist or researcher who studies behavior through the analysis of observable actions, often emphasizing environmental influences over genetic factors.

Classical Conditioning

A training method where two stimuli are consistently linked together; initially, the response is triggered by the second stimulus but over time, the first stimulus alone can provoke the same response.

Stimulus-Response Psychology

A branch of psychology focusing on how organisms respond to stimuli in their environment.