A major characteristic of monopoly is
A) a single seller of a product.
B) multiple sellers of a product.
C) two sellers of a product.
D) a few sellers of differentiated products.
E) a few sellers of an identical product.
A
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Which of the following is an invalid argument for protection?
A) redistribution of income B) infant industry protection C) preservation of the home market D) All of the above
Graphically, the presence of an external cost that is ignored by producers can be shown as
A) a market supply curve to the left of the market supply curve for where the producers have to pay for the external cost. B) a market supply curve to the right of the market supply curve for which the producers have to pay for the external cost. C) a market supply curve the same as the market supply curve for which the producers have to pay for the external cost. D) the absence of a market supply curve.
Arbitrage
a. Is the act of to buying low in one market and selling high in another market b. Can force a seller to go back to uniform pricing c. Can offset the benefits of direct price discrimination d. All of the above
One difference between public goods and near public goods is the degree of rivalry
Indicate whether the statement is true or false