Compared to perfect competition, monopoly in the long run
a. restricts output.
b. charges a higher price.
c. produces at less than minimum average cost.
d. All of the above are correct.
d
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Which of the following accurately summarize the empirical evidence about technical analysis?
A) Technical analysts fare no better than other financial analysis—on average they do not outperform the market. B) Technical analysts tend to outperform other financial analysis, but on average they nevertheless under-perform the market. C) Technical analysts fare no better than other financial analysis, and like other financial analysts they outperform the market. D) Technical analysts fare no better than other financial analysis, and like other financial analysts they under-perform the market.
Which of the following events would most likely increase the price elasticity of demand for scalping tickets to Chicago Bears games?
a. new uniforms for the players b. a winning season c. a decrease in the number of seats available at the stadium d. a losing season e. an increase in the number of seats available at the stadium
Which of the following is most consistent with the basic postulate of economics: changes in incentives exert a predictable impact on human behavior?
a. Farmers produce fewer bushels of wheat in response to an increase in the price of wheat. b. People will buy more milk at a price of $3 per gallon than at $2 per gallon. c. People will buy less gas if the price of gas increases by $0.50 per gallon. d. People will consume more beef if the price increases from $1 to $2 per pound.
The_____________is the principle that suppliers will normally offer more for sale at higher prices than lower prices.
Fill in the blank(s) with the appropriate word(s).