In a monopolistic industry, there is(are) ________ firm(s) and ________.
A. many; entry of new firms is blocked
B. a single; entry of new firms is blocked
C. many; free entry of new firms
D. a single; free entry of new firms
Answer: B
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Policymaking in a representative democracy
a. is straightforward and does not involve any disagreement. b. benefits from the input of economists, even if their advice is not always followed. c. is conducted without the input of economists. d. is always based exclusively on the results of economic analysis.
In a market economy, buyers and sellers communicate their intentions to one another through:
A. government planners. B. negotiations overseen by government agencies. C. elected officials. D. prices.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
The European Union (EU) comprises a group of European nations that have:
A. abolished tariffs among one another and established a system of common tariffs with respect to nonmember nations. B. fully integrated their economies by establishing a central bank, a common currency, and a coordinated set of governmental budgetary policies. C. agreed to trade only among one another. D. eliminated all tariffs and trade barriers with nonmember nations.