When Nobel Laureate Sir John Hicks Made the Statement That

question 102

Multiple Choice

When Nobel Laureate Sir John Hicks made the statement that: 'The best of all monopoly profit is a quiet life', he meant:

• A) that monopolists often have a very low profile.
• B) that earning monopoly profits allow people to retire early.
• C) that monopolists are free from competition and so are not forced to innovate to survive.
• D) that monopolists always earn economic profits.

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Definitions:

Emergency Situation

A critical or sudden event that requires immediate action to prevent possible harm.

Small Town

A community with a small population, typically offering a close-knit environment but limited amenities compared to larger urban areas.

Feeling Guilty

The emotional experience of regret or remorse for actions perceived as wrong or moral failures.

Internal State

Refers to an individual's psychological or emotional condition at a specific time.