For a monopoly, MC = MR < P so that MC < MU
a. True
b. False
Indicate whether the statement is true or false
True
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When the supply and/or demand curve shift, the new market clearing price is
A) reached instantaneously. B) reached only after the government intervenes in the market. C) reached after some period of adjustment. D) never reached.
All other things being equal, a greater supply of scientists and engineers will increase the level of technology
a. True b. False Indicate whether the statement is true or false
Which of the following is consistent with the ideas underlying the rule of reason legal doctrine, that was established by the U.S. Supreme Court (in the case of U.S. Steel in 1920)?
a. Mere size is not an antitrust offense, because some firms may acquire a large size and monopoly position by being particularly efficient at delivering high-quality products at low prices. b. In addition to a monopoly market structure, the crime of monopolization requires evidence of foreign government involvement. c. The actions of monopoly market structures are legal, even if the firms in the market manage to earn unreasonable profits. d. Every contract or combination in restraint of trade is illegal.
Refer to Figure 4-2. Suppose Phil and Miss Kay are the only consumers in the market. If the price is $12, then the market quantity demanded is
A. 4 units. B. 0 units. C. 2 units. D. 6 units.