It is not true in the long run of monopolies that
a. other firms seeking positive economic profit enter the market.
b. they earn positive economic profit.
c. they sell their output at a price greater than marginal cost.
d. they benefit from barriers to entry.
a
You might also like to view...
What are the two basic reasons inside lags occur?
What will be an ideal response?
In a certain economy, toys and greeting cards are produced, and the economy currently operates on its production possibilities frontier. Which of the following events would allow the economy to produce more toys and more greeting cards, relative to the quantities of those goods that are being produced now?
a. The economy experiences economic growth. b. There is a technological advance in the toy industry, but the greeting card industry experiences no such advance. c. There is a technological advance in the greeting card industry, but the toy industry experiences no such advance. d. All of the above are correct.
Exhibit 6-13 Cost curves
?
In Exhibit 6-13, AFC is shown by the graph labeled:
A. I. B. II. C. III. D. V.
An economic force given relatively free rein by society to work through the market is a:
A. market force. B. price mechanism. C. social force. D. political force.