One feature of pure monopoly is that the firm is ________.
A. a producer of products with close substitutes
B. a price taker
C. a price maker
D. one of several producers of a product
Answer: C
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In a perfectly competitive market, a marginal entrant:
A) earns positive economic profits in the long run. B) is the first firm to enter a market. C) is indifferent between entering and not entering. D) determines the market price of the good it produces.
The percentage markups which sellers use
A) are based on their estimates or guesses about marginal cost and marginal revenue for particular goods. B) are between 10 and 15 percent. C) are the same on all products of a single firm. D) differ between products but are the same on average for all firms.
The SRAS would be vertical: a. if there was no profit effect
b. if there was no misperception effect. c. if there was no profit effect or misperception effect. d. under no conceivable set of circumstances.
How do high rates of inflation lead to an increased frequency of cash withdrawals from an ATM or a bank?