In monopoly:
a. consumers are confronted with a price that is lower than average total cost.
b. consumers will buy more of the good than is economically efficient.
c. consumers are confronted with a price that is lower than marginal cost.
d. a basic condition for efficiency is violated be
d. a basic condition for efficiency is violated be
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Which form of business organization has the advantage of being a legal person in itself?
a. sole proprietorship b. partnership c. corporation d. oligopoly
Which of the following statements is false?
A. If a negative externality exists, the market output is greater than the socially optimal output. B. If a positive externality exists, the market output is less than the socially optimal output. C. If there are no external costs or benefits, then it follows that marginal private costs equal marginal social costs and marginal private benefits equal marginal social benefits. D. When a positive externality exists, marginal social benefits are greater than marginal private benefits. E. none of the above
If Bob (the publisher) promises to give Susan (the author) 15% of the proceeds of the sale of a work of Susan's,
A. a copyright is necessary. B. a trademark is necessary. C. no contract is necessary. D. a contract is necessary.
The price for the shutdown point is ________
A) $5.14 B) between $3.01 and $5.13 C) $3.00 D) between $0 and $2.99 E) greater than $5.15