In the long run,
a. both monopolists and perfectly competitive firms produce at minimum long-run average total cost.
b. a monopolist will exit the industry if he is earning zero economic profit.
c. a monopolist will always charge a higher price than he charges in the short run.
d. consumer surplus is smaller if an industry is a monopoly than if it is perfectly competitive.
d
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Define money and list its functions
What will be an ideal response?
Thailand's experience with pegging the baht to the dollar failed because the baht was ________ relative to the dollar, and China's experience with pegging the yuan to the dollar has run into difficulties because the yuan has been ________ relative to
the dollar. A) overvalued; undervalued B) undervalued; undervalued C) undervalued; overvalued D) overvalued; overvalued
Double taxation refers to
A) individuals paying taxes on wage income and individuals paying taxes on dividends. B) corporations paying taxes on capital gains and individuals paying taxes on wage income. C) corporations paying taxes on profits and individuals paying taxes on dividends. D) corporations paying taxes on profits and individuals paying taxes on wage income.
According to the Taylor rule, when inflation and/or output is above its target, then:
a. the federal funds rate must be negative. b. the federal funds rate must be above its target. c. the federal funds rate must be above inflation. d. none of the above are correct.