A monopolist is best described as a price

A. taker.
B. searcher.
C. maker.
D. follower.


Answer: C

Economics

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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.

A. lower; potential B. higher; potential C. higher; higher D. lower; higher

Economics

Are you likely to find perfect political competition in the real world? Explain

What will be an ideal response?

Economics

The market demand in a Bertrand duopoly is P = 10 ? 3Q, and the marginal costs are $1. Fixed costs are zero for both firms. Based on this information we can conclude that:

A. P = $7 and firm 1 will sell 7 units of output. B. P = $1 and firms 1 and 2 will each sell 7 units of output. C. P = $1.5 and firms 1 and 2 will each sell 10 units of output. D. P = $1 and firms 1 and 2 will each sell 1.5 units of output.

Economics

A monopolistic competitor will maximize its profits at the output level at which

A) TC = TR. B) MC = MR. C) the MC curve intersects the demand curve. D) MR = ATC.

Economics