Comparing the monopoly firm with a perfectly competitive firm reveals that:
a. the competitive firm sells less quantity.
b. the monopoly firm charges a lower price.
c. the competitive firm's price is above MC.
d. None of these is revealed when the two firm are compared.
Ans: d. None of these is revealed when the two firm are compared.
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The longest term security sold by the US is the:
A. Treasury bonds. B. Treasury notes. C. certificate of deposit. D. Treasury bills.
A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)
Wages set above the equilibrium wage by
a. firms to increase morale are called collective bargaining wages. b. lawmakers to decrease cyclical unemployment are called minimum wages laws. c. firms to increase productivity are called efficiency wages. d. lawmakers to decrease the length of a job search are called efficiency wages.
Classical economists believe aggregate spending adjusts quickly to equal full-employment output.
Answer the following statement true (T) or false (F)