Monopoly is a market structure characterized by a:
a. single firm operating as a price taker.
b. few firms operating as price takers.
c. single firm that is not a price taker.
d. none of these.
c
You might also like to view...
The price of lumber increased by 10 percent and the quantity supplied increased by 20 percent. The supply of lumber is
A) inelastic. B) perfectly elastic. C) perfectly inelastic. D) unit elastic. E) elastic.
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed cost of $25,000, average variable cost for 1,000 service calls is $45, and marginal revenue is $75. Juan's makes 1,000 service calls a month
What is his economic profit? A) $5,000 B) $25,000 C) $45,000 D) $75,000 E) $50,000
Refer to Figure 4-3. What is the total amount that Kendra is willing to pay for 3 ice cream cones?
A) $2.50 B) $7.50 C) $9.00 D) $13.50
The primary purpose of antitrust legislation is to
a. protect small business b. protect the competitiveness of U.S. business c. protect the prices of American-made products d. ensure American labor is paid a fair wage e. ensure firms earn only a fair profit