Economists criticize monopolies because monopolies
A. make consumers pay more for their product than the customers value the product.
B. receive accounting profits.
C. always price discriminate.
D. restrict output and raise prices compared to a competitive situation.
Answer: D
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price increases from $8 to $10 is
A. -.63. B. -2.25. C. -1.60. D. -1.16.
In the short run, if the market price is below the firm's average total cost of production, the firm will always shut down
a. True b. False Indicate whether the statement is true or false
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Refer to the information above. The labor force participation rate is
A) .2. B) .3. C) .4. D) .6. E) .8.