Asked by Jordan Canales on May 17, 2024
Verified
Which of the following is NOT a characteristic of a monopoly?
A) A great deal of political power
B) No close substitute products
C) The ability to make an economic profit in the long run
D) Operating at the lowest point on the ATC curve
Political Power
The capacity or ability of a political entity or individual to influence the behavior of others, particularly in the governance context.
Substitute Products
Goods or services that can be used in place of each other, offering a choice to consumers.
ATC Curve
Short for "Average Total Cost Curve," it represents the average total cost per unit of output produced, showing how cost varies with changes in output levels.
- Gain an understanding of the interconnections among monopolies, market structures, and their impact on economic efficiency.
Verified Answer
Learning Objectives
- Gain an understanding of the interconnections among monopolies, market structures, and their impact on economic efficiency.
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