Which of the Following Is True of a Monopoly Market

question 22

Multiple Choice

Which of the following is true of a monopoly market versus a perfectly competitive one?

• A) Prices are lower than in a perfectly competitive market.
• B) Total output produced is smaller but the price is the same as in a perfectly competitive market.
• C) The total consumer surplus is smaller than in a perfectly competitive market.
• D) The deadweight loss is smaller than in a perfectly competitive market.
• E) Output is produced using a greater number of facilities than in a perfectly competitive market.

Understand the distinction and implications of conforming to group norms in social contexts.

Identify the types of social influence (normative, informational, interpersonal) and their effects on conformity.

Analyze the dynamics of group influence, including majority vs. minority influence, through theories such as Asch’s and Moscovici’s.

Appreciate the complexities of social impact theories, including dynamic social impact theory.