Which of the Following Statements Is TRUE

question 153

Multiple Choice

Which of the following statements is TRUE?

• A) Monopolies are always inefficient since they create higher prices for consumers.
• B) Monopolies create incentives for additional research and development.
• C) Monopolies decrease consumer surplus but increase total surplus in an economy.
• D) Consumers typically lose less than producers gain in monopoly markets.

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Definitions:

Animal

A living organism that feeds on organic matter, typically having specialized sense organs and nervous system, and capable of voluntary movement.

Genus

A term in classification denoting a category of organisms sharing common characteristics, ranking above species and below family.

Furniture

Objects used to make a room or building suitable for living or working in, such as chairs, tables, and beds.

Tables

Pieces of furniture consisting of a flat top supported by one or more legs, used for various activities like eating, writing, or working.