One necessary step in demonstrating monopolistic behavior is to define the market. In this process, defendants would:
a. claim that the market was not in equilibrium.
b. want the market defined as narrowly as possible.
c. deny that a market existed.
d. assert that the market was not stable.
e. want the market defined as broadly as possible.
e
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If capital per worker rises
A) labor productivity decreases. B) no technological progress occurs. C) labor productivity increases. D) firms respond by raising their prices.
If a typical firm in a perfectly competitive industry is earning profits, then
A) new firms will enter in the long run causing market supply to increase, market price to fall, and profits to decrease. B) all firms will continue to earn profits. C) the number of firms in the industry will remain constant in the long run. D) new firms will enter in the long run causing market supply to decrease, market price to rise, and profits to increase.
An asset-price bubble is caused by:
A. people buying assets because they believed prices would keep going up and they'd be able to sell for a profit. B. fads that make owning a certain asset fashionable. C. severe inflation within a short period of time. D. the increase in the value of durable goods when the economy is experiencing low inflation.
Proprietary technology is technology
a. that the government prohibits firms from using. b. conserves natural resources. c. that is useful while other types of technology are outdated. d. that is known or controlled only by the company that discovered it.