If a Monopoly Firm Suddenly Lost Its Barriers to Entry

question 82

Multiple Choice

If a monopoly firm suddenly lost its barriers to entry and faced new competition,yet consumers thought that the former monopoly's products were somewhat different than its new competitors,then

• A) the industry has probably become perfectly competitive.
• B) long-run profit for this firm will likely exist.
• C) the industry has probably become a monopolistically competitive industry.
• D) the industry is probably cooperating to maximize joint profits.
• E) the industry has probably become a monopoly.

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Definitions:

White-collar Criminals

Individuals who commit crimes within the context of their professional occupations, often involving fraud or embezzlement.

Deviance

Behaviors or actions that violate societal norms or values, leading to negative social reactions.

Employee Thieves

Individuals who steal from their place of employment, taking cash or goods without authorization, which is a form of workplace deviance.

Lower-class People

A socioeconomic group characterized by lower income, limited access to educational and professional opportunities, and often subject to systemic inequalities.