The key element in preserving a monopoly is
A. government subsidy of critical enterprises.
B. keeping potential rivals out of the market.
C. guaranteeing availability of substitute products.
D. increased advertising expenditure.
Answer: B
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Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's net investment is ________ mowers
A) 13 B) 7 C) 10 D) 20 E) 27
A monopolist's short-run supply curve is
a. its average fixed cost curve b. the part of the marginal cost curve above the average variable cost curve c. the part of the marginal cost curve below the average variable cost curve d. nonexistent e. its demand curve
Higher interest rates make it:
A. more expensive to borrow. B. harder to get a loan typically. C. easier to get a loan typically. D. less expensive to borrow.
Game theory is necessary to understand which kinds of markets? (i) perfectly competitive (ii) monopolistically competitive (iii) oligopoly (iv) duopoly (v) monopoly
a. (i) and (ii) only b. (iii), (iv), and (v) only c. (iii) and (iv) only d. (i), (ii), (iii), (iv), and (v)