Which of the following can be said about a monopoly?
A. Monopolies are always inefficient and are therefore the least desirable form of market.
B. They can cause a shift in the demand curve to benefit society.
C. They may aid in innovation.
D. All of these responses are correct.
Answer: D
You might also like to view...
The percentage of the American workforce employed in the manufacturing sector has been steadily declining over the past 50 years.
Answer the following statement true (T) or false (F)
In the interest-rate-based transmission mechanism, a decrease in the money supply will
A) reduce investment, shift the aggregate demand function inward, and lower real Gross Domestic Product (GDP). B) reduce the rate of interest and the level of investment. C) increase the price level. D) shift the aggregate supply function inward and increase real Gross Domestic Product (GDP).
The value of the best thing that a person must give up when making a decision is known as the ________ cost
A) opportunity B) sunk C) benefit D) explicit E) direct
Tobacco companies did not resist the advertising ban instituted in 1970 because they actually increased profits by not being allowed to advertise
This ban forced these companies to abandon their dominant strategy of advertising and wind up at a cooperative outcome of not advertising. Prior to the ban, the tobacco companies were involved in playing A) a pure coordination game. B) a prisoner's dilemma game. C) an assurance game. D) a battle of the sexes game.