Which of the following is a result of monopolists producing fewer goods and selling them at a higher price than perfectly competitive firms?
a. The elimination of barriers to entry
b. Losses
c. Diseconomies of scale
d. Positive economic profits
d
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Mika's Manicures leases a space in the local mall for $4,500 a month. For this business, this expense would be considered an:
A. explicit cost of $0. B. explicit cost of $4,500. C. implicit cost of $4,500. D. This is neither an implicit or explicit cost; it is a fixed cost of $4,500.
Price Per UnitQuantity Demanded Per Unit of Time$2012$1817$1620$1424$1230$1036$840$644$448Refer to the above data. Over which price range is the price elasticity of demand elastic?
A. $10-$12 B. $4-$6 C. $12-$14 D. $6-$8
In the United States, consumers, businesses, governments, and foreigners participate in both the product and factor markets.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.