Answer to Question #52948 in Microeconomics for Yana

Question #52948

mutiple choice
1. Which of the following best explains an economic criticism of unregulated monopolists?
a. Monopolists do not try to minimize their costs of production.
b. Monopolists produce where marginal revenue is greater than marginal costs.
c. Monopolists attempt to produce too many products, and as a result, their prices are high,
and consumer's waste time trying to choose between too many options.
d. Monopolists restrict output, and as a result, they fail to produce units that are valued more
than the marginal cost of producing them.

Expert's answer

d. Monopolists restrict output, and as a result, they fail to produce units that are valued more than the marginal cost of producing them.