Which of the following is likely to be a monopolist?
A. a potato chip company that sells a high quantity of chips, but competes with other chip producers
B. a farmer who specializes in growing organic fruits and vegetables
C. the sole producer of a new medical device for people with limited mobility
D. the chemical company in a small town that employs most of the town's workforce
Answer: C. the sole producer of a new medical device for people with limited mobility
You might also like to view...
Suppose that the demand for labor decreases due to an economic downturn, and union workers are in the first year of a 3-year labor contract
With respect to these union laborers, the economic downturn will most likely ________ the nominal wage and ________ the quantity of labor hired. A) decrease; not change B) decrease; decrease C) not change; decrease D) not change; not change
Suppose a pizza restaurant has two pizza ovens that may be used to bake pizzas, so the restaurant has a maximum capacity constraint that affects the shape of the firm's short-run marginal cost curve
What happens to maximum capacity segment of this curve if the firm adds another pizza oven? A) Shifts upward B) Shifts downward C) Shifts leftward D) Shifts rightward
Since the GATT agreement in 1947, the world has experienced
A. virtually no unfair trading practices among nations. B. the complete elimination of tariffs and other trade barriers among nations. C. a reduction of trade barriers among nations in the WTO. D. all of the choices are true.
Jack refused to contribute money for building a public park when he was contacted individually. However, he readily agreed to donate when he was asked to contribute for a similar cause in front of his neighbors
Such behavior is an example of ________. A) pure altruism B) consumerism C) rationalism D) impure altruism