The monopolist and the perfect competitor are similar in that
A. both operate at the minimum of the ATC curve.
B. both have close substitutes.
C. both types of markets have no barriers to entry.
D. both produce at an output level where MC = MR.
D. both produce at an output level where MC = MR.
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A problem with the neoclassical growth theory is its
A) prediction that population growth lowers the real wage rate. B) inability to explain persistent differences between countries' GDP growth rates. C) prediction that population growth raises the real wage rate. D) comparison of the economy to a perpetual motion machine.
Assortative mating results in
A) many people being able to marry their way out of poverty. B) wealth becoming more concentrated among families. C) the Lorenz curve moving rightward closer to the line of equality. D) people marrying at a later age.
The change in the price of one good has no effect on the quantity demanded of another good. These goods are:
A) complements. B) substitutes. C) both inferior. D) both Giffen goods. E) none of the above
When large oligopolistic firms negotiate with the unions of their employees, the resulting bargaining process closely resembles
a. perfect competition. b. a dual labor market. c. monopolistic competition. d. bilateral monopoly.