One of the elements of monopolization is
A) having a monopoly.
B) wanting to be a monopoly and wanting to earn monopoly profits.
C) monopoly pricing.
D) the willful acquisition of monopoly power.
Answer: D
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If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of
A. both products to the right. B. both products to the left. C. grapefruit to the right. D. oranges to the left.
Which part of the Federal Reserve System meets every 6 weeks to determine the nation's monetary policy?
A) Federal Open Market Committee B) Board of Governors C) the Federal Reserve Banks D) depository institutions such as commercial banks
To which of the following regions did Prince Henry the navigator send one expedition after another?
a. Western coast of Africa b. The West Indies c. Eastern coast of India d. Western coast of North America e. Eastern coast of South America
Game theory is the study of which of the following?
a. The prisoner's dilemma b. The behavior of people engaged in recreational games c. The mutual interdependence of firms in oligopolistic industries d. The downward sloping demand curve faced by firms in an oligopoly e. The interaction between marginal and average revenue