When a Perfectly Competitive Industry Is Taken Over by a Monopoly,some

question 274

Multiple Choice

When a perfectly competitive industry is taken over by a monopoly,some consumer surplus is transferred to the monopolist in the form of

• A) marginal cost.
• B) economic profit.
• C) deadweight loss.
• D) taxes.
• E) average variable cost.

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Definitions:

Social Mobility

The ability or movement of individuals or groups to move within or between social strata in a society.

Trend

A general direction in which something is developing or changing; in sociology, it may refer to patterns of behavior, fashion, or opinions among a particular group or society.

Feudal System

A system of social stratification based on a hereditary nobility who were responsible for and served by a lower stratum of forced laborers called serfs.

Closed Social Hierarchy

A social structure where individuals' positions are fixed based on aspects like birth, with little opportunity for mobility.