A monopoly will produce the same quantity of output as an otherwise similar perfectly competitive market if
a. it is a perfect price discriminator
b. it corners the market
c. barriers to entry are high enough
d. resource suppliers have market power too
e. price is greater than average total cost
A
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An increase in the price of oil causes
a. a decrease in the demand for substitute goods. b. an increase in the price of substitute goods. c. an increase in the demand for complementary goods. d. an increase in the price of complementary goods.
Chronic trade deficits lead to a growing national debt
a. True b. False Indicate whether the statement is true or false
To maximize total profit in the short run, a perfectly competitive firm must find:
a. the quantity at which total revenue is at a maximum. b. the quantity at which total cost is at a minimum. c. the quantity at which total revenue is at a maximum and total cost is at a minimum. d. the quantity at which total revenue exceeds total cost by the greatest amount.
When the price of insulin is $10, consumers demand 100 units; when the price is $15, consumers demand 100 units; and when the price is $20, consumers demand 100 units. Based on this information, the demand for insulin is:
A. unit elastic B. perfectly elastic C. elastic D. perfectly inelastic