All of the following are true about a monopolist EXCEPT
A) the demand curve for its product is perfectly elastic.
B) it produces a product with no close substitutes.
C) its demand curve is the same as the market demand for the industry.
D) it is a single seller of a good or service.
A
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Which of the following is an example of an ordering cost for goods held in inventory?
A) the costs of securing the inventory B) the managerial time spent creating an order for inventory C) the cost of storage D) the opportunity cost of using funds to finance the inventory
Public goods are: a. any goods or services several members of the public would like produced b. those goods for which natural monopolies exist
c. goods which cannot be successfully produced by private firms. d. goods which cannot be easily financed through the market system.
A pack of chocolates purchased by Monica from a shop is an example of a _____
a. merit good b. club good c. public good d. private good
The Airline Deregulation Act
A. created a new regulatory body called American Airlines. B. subjected new airlines only to safety regulations. C. allowed airlines to enter new markets, with government permission. D. allowed airlines to change prices, with government consent.