Both Monopolists and Monopolistic Competitors

question 223

Multiple Choice

Both monopolists and monopolistic competitors:

• A)make positive economic profits in the long run.
• B)have high barriers to entry.
• C)charge a price that is greater than the marginal cost of production.
• D)produce a product for which there are no substitutes.

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Definitions:

Segregation

The physical and legal separation of groups by race or ethnicity.

Public Facilities

Shared resources such as parks, libraries, transportation systems, and utilities that are available for use by the general population.

Southern States

The states located in the southeastern region of the United States, historically characterized by unique cultural, economic, and historical attributes.

American Civil War

A pivotal conflict from 1861 to 1865 in the United States, fought between the Northern states (Union) and the Southern secessionist states (Confederacy), primarily over issues of slavery and states' rights.