Which Statement Is True

question 99

Multiple Choice

Which statement is true?

• A)Since the monopolist is the only firm in the industry,its profit is calculated differently from the way a perfect competitor would calculate profit.
• B)The monopolist's demand curve and marginal revenue curve are the same line.
• C)In the long run under monopoly,the most efficient output is the most profitable output.
• D)A monopolist may lose money in the short-run.

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Definitions:

Statute of Frauds

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing and signed by the party being charged, to be enforceable.

Performance

The act of fulfilling the duties or obligations specified in a contract or agreement.

Oral Modifications

Changes to a contract or agreement made through spoken communication between the parties involved, rather than in written form.

Parol Evidence Rule

A rule in contracts law that prevents parties from presenting extrinsic evidence of terms of the contract that contradict, modify, or vary contractual terms written in the contract document.