A Statement That Best Reflects an Evaluation of Monopoly Firms

question 180

Multiple Choice

A statement that best reflects an evaluation of monopoly firms is that:

• A) they are economically efficient.
• B) they have little or no market power.
• C) consumers are given more choices, lower costs, and higher quality.
• D) competition should not replace all monopolies.

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Definitions:

Social Facilitation

The tendency for individuals to perform differently when in the presence of others than when alone, typically enhancing performance on simple tasks and impairing it on complex tasks.

Audience Effects

Impact of the presence of others on individual task performance.

Competition

Competition is a situation where individuals or groups vie for the same objective, such as a resource or recognition, which may not be sufficient to be shared.

Supervisor

An individual in charge of overseeing and directing the work of others, typically in a work or academic setting.