Schumpeter hypothesized that monopolies
a. do not maximize profits
b. advertise extensively to keep out new entrants
c. may charge a lower price than the price generated in a perfectly competitive market
d. usually experience constant returns to scale
e. have higher costs than smaller firms
C
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Special interest group Z receives a 1/200th slice of the economic pie. Its net benefit from both an economic growth policy and a transfer policy is $60,000. How much does the size of the economic pie (Real GDP) need to grow before group Z is indifferent between the two policies?
A. $300 B. $120,000 C. $120,000,000 D. $12,000,000 E. none of the above
Economists who support minimum-wage legislation are likely to believe that the
a. demand for unskilled labor is relatively inelastic. b. demand for unskilled labor is relatively elastic. c. supply of unskilled labor is relatively elastic. d. supply of unskilled labor is relatively inelastic.
If there is a shortage, there is _____ search activity.
Fill in the blank(s) with the appropriate word(s).
The present value of $100 to be received one year from now
A) is $100. B) is $110. C) is $90. D) cannot be determined without knowing the interest rate.