Because a Monopolist Has No Competitors Due to Entry Barriers,it

question 34

Multiple Choice

Because a monopolist has no competitors due to entry barriers,it is able to:

• A)keep price constant in the long run
• B)satisfy both minimum-cost and marginal-cost pricing conditions
• C)satisfy only the minimum-cost pricing condition
• D)satisfy only the marginal-cost pricing
• E)keep on raising price in the long run

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Definitions:

Socioeconomic Management

involves the integration of social and economic considerations into the planning, decision-making, and management processes of an organization to address broader societal challenges.

Quantitative Management

A management approach that focuses on using mathematical models, statistics, and numerical techniques to support decision-making processes.

Classical Management

A theory of management that emphasizes rationality, efficiency, and formal organizational structure over personal or informal practices.

Frank and Lillian Gilbreth

Pioneers in the field of industrial engineering, known for their work in time and motion studies and efficiency improvement.