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Which of the following is correct for a single-price monopoly?
i.The firm can determine the quantity it produces and the price it charges.
ii.It would never profitably produce output in the inelastic range of its demand.
iii.Its marginal revenue is less than price.
Stereotype
A fixed and overgeneralized belief about a particular group or class of people, often leading to prejudgment.
General Impression
An overall assessment or opinion about something or someone, formed on the basis of limited information.
Out-group Homogeneity Effect
The tendency to perceive members of an out-group as more similar to each other than they really are or compared to the members of the in-group.
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