A Monopolist

question 567

Multiple Choice

A monopolist

• A)has a supply curve that is upward-sloping, just like a competitive firm.
• B)does not have a supply curve because the monopolist sets its price at the same time it chooses the quantity to supply.
• C)has a horizontal supply curve, just like a competitive firm.
• D)does not have a supply curve because marginal revenue exceeds the price it charges for its products.

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Definitions:

Cognitive Dissonance

A psychological discomfort experienced when holding two or more conflicting beliefs, ideas, or values.

Festinger And Carlsmith

Festinger and Carlsmith refer to the researchers involved in a classic 1959 psychological experiment demonstrating cognitive dissonance, where individuals experienced discomfort resulting from holding conflicting beliefs.

Ethical Person

An individual who consistently displays honesty, fairness, and consideration for others in their decisions and behaviors.

Cognitive Dissonance

Cognitive Dissonance is the mental discomfort experienced by a person who holds two or more contradictory beliefs, ideas, or values at the same time.