Which of the following groups would be most optimistic about the effects of economic growth?
a. Environmentalists
b. Psychologists
c. Economists
d. All would be similar in their views
c
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A market with one or a small number of firms but no barriers to entry is known as
A) a natural monopoly. B) a contestable market. C) a perfectly competitive market. D) monopolistic competition.
Which of the following statements is true?
A) Monopolists are price makers. All other firms are price takers. B) Unlike other firms, a monopolist's demand curve is the same as the market demand curve. C) Only monopoly firms are granted patents and copyrights. D) Unlike other industries, monopoly industries have high barriers to entry.
Exhibit 9-2 A monopolistic competitive firm
?
Comparing the firms in a monopolistic competitive industry shown in Exhibit 9-2 to a perfectly competitive firm in long-run equilibrium, we find that both firms
A. choose a price equal to the marginal cost at the profit-maximizing quantity. B. will experience entry of new firms into the industry. C. earn zero economic profits. D. minimize cost per unit at their profit-maximizing quantity.
In the Staples/Office Depot Case, the government:
A. blocked a merger. B. allowed a merger but regulated the resulting firm. C. allowed a merger and did not regulate the resulting firm. D. prosecuted the two firms for collusion.