Which of the following is not true?
A. A monopolist typically seeks to maximize profits.
B. Economies of scale are the cause of natural monopolies.
C. A monopolist can set price at arbitrarily high levels.
D. Monopolists price on the elastic portion of their demand curves.
Answer: C
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If you are “between jobs,” you are considered to be
a. frictionally unemployed. b. seasonally unemployed. c. cyclically unemployed. d. structurally unemployed.
Compared to older workers with several years of experience with one firm, newly hired young workers typically
A. are likely to stay with their job longer. B. tend to earn more than their experienced colleagues. C. have more on-the-job training. D. have more experience. E. have higher turnover.
Game theory is best suited to analyze the pricing behavior of:
A. pure monopolists. B. pure competitors. C. monopolistic competitors. D. oligopolists.
Which of the following will cause an increase in U.S. gross exports?
A. An increase in U.S. consumer income. B. An increase in foreign consumer income. C. A decrease in foreign business income. D. A decrease in foreign business investment.