In the short run, a monopolist:
a. always earns an economic profit.
b. never earns an economic profit.
c. never earns an accounting profit.
d. None of the above are correct.
d
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Suppose that when the price of hamburgers increases, the Ruiz family increases their purchases of hot dogs. To the Ruiz family,
A) hamburgers and hot dogs are normal goods. B) hamburgers and hot dogs are substitutes. C) hamburgers and hot dogs are complements. D) hamburgers and hot dogs are inferior goods.
In which of the following contracts is the agent's payment unaffected by his performance?
A) fixed-fee contract B) hire contract C) contingent contract D) sharing contract
When an expansionary fiscal policy increases market interest rates and lowers gross private investment in an economy, it is called the: a. countercyclical effect. b. policy lag effect
c. multiplier effect. d. crowding out effect.
Because of the law of diminishing returns, as additional workers are hired, total output
A. Rises at a diminishing rate initially and eventually falls. B. Falls at a diminishing rate at all output levels. C. Rises at a constant rate at all output levels. D. Falls at an increasing rate at all output levels.