Monopolization of either the labor market or the output market results in
A) higher wages than when both are competitive.
B) a higher output price than when both are competitive.
C) a higher level of output than when both are competitive.
D) All of the above.
B
You might also like to view...
If the FDIC eliminated its insurance program for deposits, then
A) banks would probably hold fewer reserves. B) moral hazard would be increased. C) individual depositors would have more incentive to ascertain the soundness and solvency of the bank. D) the banking system would probably fail.
Positive economic profits in a perfectly competitive market imply that:
A) producers are earning more than their opportunity cost. B) existing firms are likely to leave the market. C) the cost of production is equalized across producers. D) government intervention is required to stabilize the market.
Give a brief description of the history of tariffs in the United States
What will be an ideal response?
The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each. Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 50 pizzas a day, its average variable cost is ________.
A. $20 B. $10 C. $5 D. $15