Which of the Following Statements Are TRUE

question 109

Multiple Choice

Which of the following statements are TRUE?
I. Monopolists can raise prices as high as they want and still earn economic profits.
II. Even with no competitors, firms face a downward-sloping demand curve.
III. Just like competitive firms, monopolists maximize profits where marginal revenue equals marginal cost.

• A) I and III only
• B) II and III only
• C) I and II only
• D) I, II, and III

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Definitions:

Blood Vessels

Tubular structures carrying blood throughout the body, including arteries, veins, and capillaries.

Autonomic Reflexes

Involuntary actions mediated by the autonomic nervous system that regulate bodily functions such as heart rate and digestion.

Medulla Oblongata

The lower part of the brainstem, controlling autonomic functions such as breathing, heart rate, and digestion.

Spinal Cord

A long, thin, tubular structure made up of nervous tissue, extending from the medulla oblongata in the brainstem to the lumbar region of the vertebral column, transmitting neural signals between the brain and the body.