Compared to a single-price monopoly, a perfectly competitive market with the same costs produces ________ output and has a ________ price
A) less; lower
B) less; higher
C) more; lower
D) more; higher
C
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If the inflation rate is 5 percent and the real interest rate is 2.5 percent, then the nominal interest rate is
A) 10 percent. B) -2.5 percent. C) 2.5 percent. D) 7.5 percent. E) 2 percent.
Diamonds are expensive because:
A. they are a form of conspicuous consumption. B. the seller of most diamonds in the world restricts output. C. they are a symbol of luxury. D. very few diamonds are discovered each year.
Which of the following government functions could most easily be handled by the private sector?
a) education b) national defense c) the legal system d) the police force e) foreign policy
An additional worker will add to the profit of a business, and therefore be more likely to be hired, if the
A. marginal cost of labor is greater than the marginal revenue. B. marginal revenue is less than the price of the output of the business. C. average cost of labor is positive. D. wage is less than the marginal revenue.