The True Cost of Monopoly Power to Society Is Attributable

question 7

Multiple Choice

The true cost of monopoly power to society is attributable to

• A) the higher price that consumers must pay.
• B) the reduction in output by the monopolist.
• C) the excess profits enjoyed by the monopolist.
• D) the failure of other firms to enter the industry.

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Definitions:

Physiologically Satisfied

A state in which physical or biological needs are fulfilled, leading to a sense of contentment and well-being.

Safety Needs

In Maslow's hierarchy of needs, these are the second level of human needs, focusing on the security of the body, employment, resources, morality, the family, health, and property.

Individual Motivation

The internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job, role, or subject.

Job Performance

The effectiveness with which job incumbents perform their tasks, duties, and responsibilities.