Which of the Following Statements Is FALSE

question 101

Multiple Choice

Which of the following statements is FALSE?

• A) Other things being equal, society's overall well-being is reduced when a perfectly competitive industry is monopolized.
• B) When both a perfectly competitive industry and a monopolist face the same production costs and the same market demand curve,the monopolist offers a lower level of output for sale.
• C) The profit-maximizing monopolist will always produce only along the inelastic portion of the demand curve, whereas equilibrium in a perfectly competitive industry always occurs along the elastic portion of the demand curve.
• D) When both a perfectly competitive industry and a monopolist face the same production costs and the same market demand curve, the monopolist charges a higher price for its product than what would be charged in a perfectly competitive situation.

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Definitions:

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