All these are characteristics of a monopoly except,
a. There is one seller of the product
b. Has few substitutes
c. Controls a large share of the market
d. Controls a small share of the market
d
You might also like to view...
Since wages fell by more than prices, Civil War laborers were better off
Indicate whether the statement is true or false
Strategic advertising in the cola market
A) significantly expands the size of the market. B) brings in few new customers and primarily shifts market share among rivals. C) shifts market demand to the right, increasing quantity sold and decreasing prices. D) has no impact on the market.
If a perfectly competitive firm is operating in the short run and seeks to maximize profit, the firm should:
a. increase output whenever marginal cost is less than average total cost. b. increase output whenever marginal revenue is less than marginal cost. c. choose the output where per-unit profit is greatest d. increase output whenever price exceeds marginal cost.
If a price-discriminating monopolist sells the same product in two markets but charges a lower price in market X and a higher price in market Y, the pricing difference indicates that demand is:
A. the same in both markets X and Y. B. less elastic in market X than market Y. C. more elastic in market Y than market X. D. more elastic in market X than market Y.