A Monopoly Is an Inefficient Way to Produce a Product

question 203

Multiple Choice

A monopoly is an inefficient way to produce a product because

• A)it can earn both short-run and long-run profits.
• B)it faces a downward-sloping demand curve.
• C)the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers.
• D)it produces a smaller level of output than would be produced in a competitive market.

---

Definitions:

Loci

Specific fixed positions on chromosomes where genes or genetic markers are located.

Chromosome

Chromosomes are long, thread-like structures made of DNA and proteins, found in the nucleus of most living cells, carrying genetic information in the form of genes.

Epistasis

Condition in which certain alleles of one locus alter the expression of alleles of a different locus.

Alleles

Different forms of a gene that arise by mutation and are found at the same place on a chromosome.