Monopolies, oligopolies, and monopolistic competitive industries all
A. raise price and quantity over what would occur in perfect competition in order to maximize their profits.
B. earn positive profits in the long run.
C. are completely unconstrained in their pricing.
D. have market power.
Answer: D
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In the 1770s the per capita income in the colonies:
a. was higher than the per capita income in developing countries today. b. was significantly lower than the per capita income in England during the same period. c. was impossible to determine due to inaccurate and incomplete data. d. was lower than the current per capita income in developing countries..
If Thelma's willingness to sell her homemade fudge is $4, then at which of the following prices would Thelma sell her fudge?
A. $2 B. $3.99 C. $4.01 D. Thelma would not sell her fudge at any of these prices.
Pure competition results in a lower price but identical output level compared to those in monopolistic competition.
Answer the following statement true (T) or false (F)
When demand is inelastic, an increase in price will result in an increase in total revenue.
Answer the following statement true (T) or false (F)