Relative to a perfectly competitive market, as long as the monopolist does not benefit from substantial economies of scale,
a. price and quantity are higher under monopoly
b. price and quantity are lower under monopoly
c. quantity is higher and price is lower under monopoly
d. quantity is lower and price is higher under monopoly
e. there are no differences in price and quantity
D
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The formula for total fixed cost is
A) TFC = TVC - TC. B) TFC = TC - TVC. C) TFC = TC/TVC. D) TFC = TC + TVC.
Suppose the typical consumer only purchases food and clothing, and her utility can be expressed as U = F ? C. Currently, food costs $5 per unit and clothing costs $2 per unit. Her income is $70
If the price of food increases to $6, compare the resulting Laspeyres price index with a true cost of living index.
Which of the following items does not provide a store of value?
a. Currency. b. Checkable deposits. c. Credit cards. d. All of these are correct.
What impact did the change in housing prices during 2002 to 2005 have within the framework of the AD/AS model?
a. Declining housing prices reduced aggregate demand shifting AD leftward. b. Rising housing prices increased aggregate demand shifting AD rightward. c. Rising housing prices led to increased construction shifting LRAS leftward. d. Declining housing prices caused SRAS to shift leftward.