Other things equal, a monopolist will hire
A) more workers than a perfectly competitive industry.
B) fewer workers than a perfectly competitive industry.
C) more workers than a perfectly competitive firm.
D) the same number of workers as a perfectly competitive industry would.
Answer: B
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Use the following graph for a profit-maximizing pure monopoly to answer the next question.
The firm will produce the quantity ________.
A. 0V B. 0Y C. 0X D. 0T
The United States usually exports ________ goods than it imports and exports ________ services than it imports
A) fewer; more B) more; fewer C) fewer; fewer D) more; more
According to public choice theory, a voter will favour a candidate whose political program is
a) favoured by the median voter b) perceived by the voter to be in his self-interest c) closest to efficiency d) all of the above
Creative destruction by innovation means
A. destruction of an innovative product once it fails in the market. B. introduction of an innovative product makes older substitute goods obsolete. C. substitute goods make innovative goods less competitive in the market. D. introduction of innovative goods increase the competition in the market