Which of the following is a characteristic of a monopoly?
a. rising average total costs
b. one buyer
c. rising fixed costs
d. a product without close substitutes
d
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The demand curve faced by a competitive firm is
a. horizontal. b. downward sloping. c. upward sloping. d. nonexistent.
A recent study found that it was cheaper to buy a chicken dinner from Kentucky Fried Chicken than it was to prepare it at home. The researcher included all costs including the imputed value of time involved to prepare the meal at home. This study illustrates the
A. value of marginal analysis. B. law of increasing costs. C. difference between real costs and money costs. D. cost disease of the service sector.
Refer to Table 4.2. If you choose to invest in Japanese bonds, your investment return from Scenario A will be
A) 1%. B) 3%. C) 4%. D) 7%.
The value that consumers get (from consuming a product) over and above what they actually paid for the product is called
A. consumption expenditures. B. consumer surplus. C. consumer demand. D. consumer utility.