3. Which of the following statements explains why monopolies weaken the functioning of the invisible hand? (A) A monopoly is a price-taker. (B) The quantity produced by a monopoly is too low. (C) A monopolist faces an upward-sloping demand curve. (D) A monopolist sets the price of its good below marginal costs.

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.