If a Perfectly Competitive Industry Suddenly Became a Monopolist, Equilibrium

question 178

Multiple Choice

If a perfectly competitive industry suddenly became a monopolist, equilibrium output would _________, and the equilibrium price would _________.

• A) increase; increase
• B) decrease; decrease
• C) increase; decrease
• D) decrease; increase

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Definitions:

Charismatic Leaders

Individuals who inspire and motivate followers through their personal charm and appeal.

Visions

Represents aspirational descriptions of what an organization or individual would like to achieve in the future.

Narcissistic CEOs

Chief executive officers who exhibit excessive self-focus, egoism, and a grandiose sense of personal ability and importance, potentially impacting organizational direction and culture.

Riskier Decisions

Choices made with a higher likelihood of negative outcomes, often involving uncertainty or significant stakes.