A monopoly is a
a. price taker
b. single buyer of an input into production
c. firm facing a perfectly elastic demand curve
d. group of firms controlling the price and output for an industry
e. price setter
E
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Which is the most likely reason why more young people from low-income regions are more likely to join the military, compared to those in high income regions?
A) They are more easily pressured by recruitment officers. B) Their opportunity costs are relatively lower. C) They are more patriotic than their richer counterparts. D) They are, to put it bluntly, more foolish than their richer counterparts.
When a negative externality is present in a market, the government should:
A. intervene if the benefit of doing so exceeds the cost. B. always intervene. C. intervene it if the public supports doing so. D. never intervene.
In which of the following periods was the relationship between the U.S. unemployment rate and U.S. inflation rate unstable?
A) 1901 to 1909 B) 1911 to 1919 C) 1921 to 1929 D) 1931 to 1939 E) none of the above
A perfectly competitive firm produces 3,000 units of a good at a total cost of $36,000. The price of each good is $10. Calculate the firm's short-run profit or loss
A) loss of $6,000 B) profit of $6,000 C) profit of $30,000 D) There is insufficient information to answer the question.