A monopolist
A. Has a perfectly inelastic demand curve
B. Is a price taker
C. Can always increase price to increase economic profit
D. Is a price maker
E. Has no control over the market price of a product it sells
Ans: D. Is a price maker
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What is true about dominant strategies in the game in Scenario 13.11?
A) R1 and C1 are dominant strategies. B) R1 and C2 are dominant strategies. C) R2 and C1 are dominant strategies. D) R2 and C2 are dominant strategies. E) There are no dominant strategies.
Which market structure is characterized by many sellers, easy entry, and homogeneous products
a. perfect competition b. monopolistic competition c. oligopoly d. monopoly
Complementary goods
a. are usually used in conjunction with each other b. are usually used in place of one another c. do not adhere to the law of demand d. are goods whose demand rises as incomes rise e. are goods whose demand falls as wealth falls
Microsoft is accused of which anticompetitive practice?
A. Interlocking directorates B. Illegal “bundling” of products C. Exclusive contracts D. Predatory pricing