Which of the following statements is TRUE?
A) At the monopolist's equilibrium, resources are being efficiently allocated.
B) With a monopoly, the value to society of the last unit produced is less than it's production cost.
C) Monopolists raise the price and restrict production, compared to a competitive situation.
D) A monopolist always produces a higher level of output than would be produced if the market were competitive.
C
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Refer to the figure below. Player A can infer that Player B will: 
A. Player A cannot infer anything about what Player B will do given this matrix. B. choose Right. C. choose Left when A chooses Up and choose Right when A chooses Down. D. choose Left.
The total amount spent on new capital goods is called
A) financial capital. B) depreciation. C) net investment. D) wealth. E) gross investment.
Firms will merge or one firm will acquire another for all but which of the following reasons:
A) one large firm has a cost advantage over two smaller firms. B) synergies involved between the two firms. C) to enter a new market. D) to diversify risk. E) one large firm can sell more than two smaller firms.
The equilibrium purchase price of an acre of land depends upon the current value of the marginal product of land and upon the __________
Fill in the blank(s) with correct word