Which of the following statements concerning monopoly is TRUE?
a. Monopoly firms are always larger than perfectly competitive firms.
b. Monopolists produce more output than a competitive market with the same demand and cost structure.
c. Barriers to entry do not prevent other firms from entering a monopolized industry.
d. A monopoly has no rivals.
d. A monopoly has no rivals.
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The amount of revenues that sellers actually receive over and above the minimum acceptable amount that they are willing to receive for selling a product is called
A. production costs. B. producers' supply. C. consumer surplus. D. producer surplus.
The benefits of specialization can be used to explain why:
A. machines are more productive than human workers. B. individuals and nations benefit from trade. C. big companies take advantage of smaller ones. D. workers prefer to work on a variety of tasks during the day.
Within the Keynesian aggregate expenditures model, which of the following autonomous changes would decrease the equilibrium output?
A. A decrease in investment spending. B. An increase in net exports. C. An increase in government spending. D. An increase in consumption expenditures
Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) state and local levels; federal level B) local level; federal level C) federal level; state and local levels D) federal level; state level