The longest economic expansion in the United States occurred during the
A) 1940s.
B) 1960s.
C) 1980s.
D) 1990s.
D
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Compared to perfect competition, the consumer surplus in a monopoly
A) is lower because price is higher and output is lower. B) is unchanged because price and output are the same. C) is eliminated. D) is higher because price is higher and output is the same.
Figure 11-5
In Figure 11-5, Crown Theater, a monopolist movie theater, will make a profit of ____ at its profit-maximizing price and quantity of theater tickets.
A. $450 B. $150 C. $300 D. $750
Monopolistic competition and perfect competition are similar in that each market structure is characterized by
A) advertising. B) production at minimum average cost in the long run. C) a horizontal demand curve. D) the absence of long-run economic profits.
OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172Refer to the above table. The equilibrium price of the product is:
A. $160. B. $80. C. $120. D. $40.