One feature of pure monopoly is that the monopolist is:
A. one of several producers of a product.
B. a price maker.
C. a price taker.
D. a producer of products with close substitutes.
Answer: B
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A firm's market constraints include the conditions under which it can
A) convert inputs into outputs. B) buy its inputs and sell its outputs. C) issue stock. D) produce the inputs to production.
The demand for a product at a given time is defined as the
a. desire for it. b. sum spent on it. c. measure of total utility for it. d. amount that would be bought at various prices.
Suppose Julia and Zach are the only consumers of milk. Julia's demand for milk is defined as QdJulia = 12 - 3P at prices below $4 and zero for prices above $4. Zach's demand for milk is defined as QdZach = 10 - 2P at prices below $5 and zero for prices above $5. Market demand when price is $4 is:
A. QdMarket = 12 - 3P. B. QdMarket = 10 - 2P. C. QdMarket = 22 - 3P. D. QdMarket = 22 - 5P.
Which of the following tools of commercial policy yields a revenue to the government?
a. Quota b. Tariff c. Export subsidy d. Government procurement policy e. Health and safety standards