An important difference between perfect competition and monopoly is
A) a monopoly is profitable and a perfect competitor is not.
B) the monopoly faces a downward sloping demand curve and the perfect competitor faces a horizontal demand curve.
C) the monopoly faces an inelastic demand curve and the perfect competitor faces an elastic demand curve.
D) a monopoly is not regulated by the market, while a perfect competitor is regulated by the market.
B
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The De Beers Company blocked competition
A) by controlling the supply of most of the world's high-quality bauxite, the mineral used to produce aluminum. B) in the diamond market by controlling the output of most of the world's diamond mines. C) in the market for fresh and frozen cranberries because it controls about 80 percent of the cranberry crop. D) because it has lower production costs than other department stores due to economies of scale.
Using the above table, moving from alternative C to alternative B, what is the opportunity cost of one loaf of bread?
A) 1 pizza pie B) 30 pizza pies C) 2 pizza pies D) 0.5 pizza pie
The international financial market moved towards equilibrium under the gold standard due to
A) shifts in exchange rates caused by changes in supply and demand for foreign exchange. B) changes in interest rates. C) negotiations among central banks. D) flows of gold among countries.
If equilibrium is present in a market: a. there is either a shortage or a surplus
b. the quantity demanded equals quantity supplied. c. the quantity demanded exceeds quantity supplied. d. the quantity supplied exceeds quantity demanded.