When a monopolist charges a low price to drive out competition, then charges a high price, the monopolist is engaging in:
A. a trust agreement.
B. a merger.
C. duopoly pricing.
D. predatory pricing.
Answer: D
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In the short-run under perfect competition, which of the following is always true?
a. Economic profit earned by firms can be negative, zero, or positive. b. Economic profit earned by firms is always zero. c. Economic profit earned by firms can be zero or positive, but not negative. d. Economic profit earned by firms is positive, but not zero or negative.
A firm's demand for labor is
A. its MRP schedule. B. determined by the going wage rate. C. shaped mainly by the supply of labor.
:Employed full-time:4,200Employed part-time: 700Not employed and looking for work: 300Not employed and not looking for work: 200
Given the data in Table 12.1, if the workers who are "not employed and not looking for work" were counted as not employed and in the labor force, the unemployment rate of Metropolis would be approximately:
A. 4 percent. B. 7 percent. C. 9 percent. D. 10 percent.
As new firms enter a monopolistically competitive industry, the demand curve for an individual firm shifts to the right.
Answer the following statement true (T) or false (F)