-Refer to the Above Figure

question 319

Multiple Choice

-Refer to the above figure. Which of the following statements is TRUE?

• A) Under perfect competition, the efficient price is charged, which is the lowest price possible (P1) while under monopoly output is too large (Q4) and price is too high (P4).
• B) Under perfect competition price equals marginal cost (P3) while under monopoly price (P4) is greater than marginal cost (P1).
• C) The rate of output is the same under both monopoly and perfect competition (Q1), but price is higher under monopoly (P4 rather than P1).
• D) Price equals marginal cost under both monopoly and perfect competition, but output is too low under monopoly (Q1 instead of Q2).

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Definitions:

James MacGregor Burns

A political scientist known for his work on leadership and for introducing the concept of transformational leadership.

Transactional Leader

focuses on the exchanges that occur between leaders and their followers, emphasizing the completion of tasks and adherence to organizational policies.

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An influential leader and the preeminent figure of the Indian independence movement, known for his philosophy of non-violent resistance.

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