There exist only two causes of monopoly: barriers to entry and government restrictions
a. True
b. False
Indicate whether the statement is true or false
False
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A decrease in the demand for a good generally implies that:
a. consumers are willing to buy larger quantities of the good at each price. b. the demand curve for the good has shifted to the right. c. consumers are willing to pay a higher price for each unit of the good. d. the demand curve for the good has become steeper. e. the demand curve for the good has shifted to the left.
The democratic political process operating at the national level tends to result in
A) balanced budgets. B) deficits. C) surpluses. D) surpluses alternating with deficits in a countercyclical manner.
Explain how the government can help the economy avoid a coordination failure
What will be an ideal response?
Hi Phi Sound Unlimited has a monopoly over the installation of surround sound systems. Hi Phi Unlimited's total revenue from installing 15 sound systems is $30,000 and its total revenue from installing 18 sound systems is $33,000. The marginal revenue received from selling the 18th sound system is
A. equal to the price of the 16th sound system. B. greater than the price of the 16th sound system. C. less than the price of the 16th sound system. D. Indeterminate from the given information.