A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
TRUE
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Some factors that allow firms to make economic profits are beyond its control. All but one of the following is an uncontrollable factor. Which factor is controllable?
A) chance events B) consumer tastes C) product differentiation D) input prices
What is the shape of a perfectly elastic demand curve? Explain its significance for a seller.
What will be an ideal response?
Marginal fixed costs decrease as output increases.
Answer the following statement true (T) or false (F)
Capital goods are typically purchased to ________. They get included in GDP ________
A) replace raw materials; in the year they are produced B) enable the investor to produce other goods and services; in each year they are utilized C) enable the investor to consume less in the current period; as they are used up in the stages of production D) enable the investor to produce other goods and services; in the year they are produced E) none of the above