Monopoly Profit

question 167

Multiple Choice

Monopoly profit

• A)equals (price - ATC)times quantity sold.
• B)equals price times quantity sold.
• C)exists only in the short run.
• D)exists because no entry barriers exist.

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Definitions:

Stereotypes

Oversimplified and widely held beliefs or perceptions about characteristics, attributes, and behaviors of a particular group of people.

Person Perception

The aspect of social cognition that involves forming impressions and making judgments about the traits and characteristics of others based on available sensory information and prior knowledge.

Social Schemas

Frameworks or cognitive structures that help individuals organize and interpret information about the social world according to categories and rules.

Prejudice

An unjustified or incorrect attitude (usually negative) towards an individual based solely on the individual's membership of a social group.