In the Theory of Price, George Stigler points out that a monopolist is no less desirous of profits than a competitive firm. According to Stigler, what distinguishes the monopolist from other entrepreneurs?
a. strategy
b. morality
c. objective
d. market position
e. motivation
D
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Which statement below is true for a price taker?
A) Marginal revenue can only be positive. B) Marginal revenue can only be negative. C) Marginal revenue can only zero. D) Marginal revenue can be positive, negative, or zero.
Development economics is the study of the
a. alleviation of absolute poverty. b. transformation of institutions. c. allocation of resources in developing countries. d. all of the above.
Other things being equal, suppose that the demand for wheat in constant quality units increases. The increase in demand will cause
A) a surplus of wheat. B) a higher equilibrium price and higher equilibrium quantity of wheat. C) fall in the market clearing price of corn, a substitute for wheat. D) a higher equilibrium quantity, but a lower equilibrium price of wheat.
Innovation creates the opportunity to:
A. quickly exit industries. B. lose money spent on research and development. C. earn positive economic profits. D. sustain zero economic profits in a single industry in the long run.