Which of the following is NOT a characteristic of a monopoly?
A) a single firm
B) no close substitutes for the product produced
C) barriers to entry
D) easy entry and exit
D
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If Croatian firms can make 600 pitchforks or 100 hammers in a week and Slovenian firms can make 200 pitchforks or 200 hammers in a week, then
A) the costs of production differ in each country. B) the Croats have an incentive to specialize in hammers. C) the Slovenes have an incentive to specialize in pitchforks. D) all of the above are true.
A firm earns $600 of total revenue from selling its product at $200 per unit. If the per-unit cost of producing the good is $150, the firm sells ________ units(s) of the good
A) 1 B) 2 C) 3 D) 4
An uninformed party can use ________ to learn about the information held by the informed party
A) signaling B) screening C) a warranty D) educational attainment
Explain the marginal principle.
What will be an ideal response?