One reason De Beers has lost some of its monopoly power is:
A. pressure from consumers.
B. antitrust laws
C. competition from Canadian and Russian diamond mines.
D. All of these statements are true.
Answer: D
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A product would be more demand price elastic:
a. the shorter the time the consumer has to adjust to price changes. b. the lower the price of the good. c. the fewer the number of good substitutes. d. the less the essential nature of the good. e. if the supply is more price elastic.
Which of the following is a reason that marginal product will eventually begin to fall?
a. effective use of fixed inputs b. decrease in demand c. increased specialization d. limited amounts of fixed inputs
Labor unions: a. have no influence over wages
b. can influence wages by restricting labor supply. c. are illegal in the United States. d. have significantly increased their membership in the last two decades.
If this firm were a perfect competitor, at what output would it produce in the long run?
A. 40 units
B. 50 units
C. 60 units
D. 70 units