Answer:
- 1) Higher prices than in competitive markets Monopolies face inelastic demand and so can increase prices – giving consumers no alternative.
- 2) A decline in consumer surplus.
- 3) Monopolies have fewer incentives to be efficient.
- 4) Possible diseconomies of scale. Explanation:
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Answer:
4) abstract; concrete
Explanation:
Alene is able to easily understant abstract concepts and ideas, which is why she comments the reasoning about the conclusion of the apple A being bigger than apple C. Aline shows an abstract thought, while Janis shows a concrete thought as evidenced in her only being able to "get it" after Alene explained again, using the physical apples. She needed to see a physical object in order to understand the idea.
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The public approved of Martin Van Buren because he was sticking policies similar to Andrew Jackson, the previous president. Jackson also helped campaign Buren. Buren supported lower tariffs while his opponent, the Whig Party, did not. He also advocated free trade and set up system of bonds for the national debt.
