If There Is a Sole Producer of a Good,and He

question 114

Multiple Choice

If there is a sole producer of a good,and he faces no threat of competition,it is likely that:

• A) the consumer surplus is greater than in a competitive equilibrium.
• B) the price is set inefficiently high.
• C) the price is set below the competitive equilibrium price.
• D) the market is efficient.

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Definitions:

Police Power

The capacity of a state to regulate behaviors and enforce order within its territory for the betterment of the health, safety, morals, and general welfare of its inhabitants.

State Responsibility

The legal and moral obligation of a government to uphold and implement laws and to ensure public welfare and security.

Dangerous People

Individuals who are considered to pose a risk of harm or danger to others or society.

Involuntarily Commits

The legal process by which individuals are forced to undergo mental health treatment or hospitalization without their consent, usually due to them being a danger to themselves or others.