With perfect price discrimination, the quantity of output produced by a monopoly is ________ the quantity produced by a perfectly competitive industry
A) greater than but not equal to
B) less than
C) equal to but not greater than
D) not comparable to
E) either greater than or equal to
C
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Because resources are limited
A) people must make choices. B) firms will be forced out of business. C) only the very wealthy can get everything they want. D) the availability of goods will be limited but the availability of services will not.
Refer to Figure 29-1. The depreciation of the euro is represented as a movement from
A) C to D. B) B to C. C) B to A. D) D to A.
In the long run, equilibrium for a monopolistically competitive firm resembles equilibrium for a monopoly in the sense that
a. both types of firms are able to earn economic profits b. marginal cost exceeds marginal revenue c. price equals marginal cost d. price exceeds marginal cost e. average revenue exceeds price
What is the equilibrium price?
a. 1 euro = $2.00
b. 2 euro = $1.50
c. 2 euro = $2.00
d. 1 euro = $1.50