In a duopoly situation, the logic of self-interest results in a total output level that
a. equals the output level that would prevail in a competitive market.
b. equals the output level that would prevail in a monopoly.
c. exceeds the monopoly level of output, but falls short of the competitive level of output.
d. falls short of the monopoly level of output.
c
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If this firm were a perfect competitor, at what price would it charge in the long run?
A. $10.10 B. $12.80 C. $14.20 D. $15.90
Which of the following is characteristic of a regulated natural monopoly?
A. Extensive economies of scale. B. The wasteful duplication of capital facilities in the event of competition. C. The provision of an essential service. D. All of these.
Water is considered a scarce good rather than a free good because:
A) it has alternative uses. B) it does not have alternative uses. C) scarce goods are less expensive than free goods. D) free goods are more expensive than scarce goods
In a market, there are many firms selling differentiated products. This market is:
A. a monopoly. B. an oligopolistic market. C. a competitive market. D. a monopolistically competitive market.