A monopolist can make an economic profit in the long run because of
A) the relatively elastic demand for its product.
B) the relatively inelastic demand for its product.
C) the firm's price setting behavior.
D) barriers to entry.
D
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Assume the production of a particular good is characterized by significant economies of scale. In addition, three different versions of the good can be produced, and large segments of the population prefer different versions of the good
In this case, the preferred market structure for this good would be: A) perfect competition. B) monopoly. C) monopolistic competition. D) oligopoly.
The English philosophers Jeremy Bentham and John Stuart Mill founded the school of thought called
a. liberalism. b. libertarianism. c. mobilism. d. utilitarianism.
Utility measurements are:
A. used to compare one person's preference for a good to another person's preference. B. a relative ranking of how much different people enjoy a particular good. C. a relative ranking of the satisfaction a person gets from alternative combinations of things. D. None of these is true.
One reason to require medical practitioners to be licensed is that
A. medical care involves substantial externalities. B. medical care is a public good. C. medical care is so expensive. D. medical care consumers lack perfect information.