A monopolist’s cost curves will
A. be identical to those of a competitive firm.
B. be higher than a competitive firm’s cost curves.
C. be peculiar to the individual producer since there is only one.
D. drop more steeply as output increases.
Answer: C
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What are the key characteristics of the agrarian system in Asia that distinguish it from that of Latin America? Explain your answer
What will be an ideal response?
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) Camp with Us Offer Financing and Happy Campers Do Not Offer Financing is a Nash equilibrium.
B) Camp with Us Do Not Offer Financing and Happy Campers Do Not Offer Financing is a Nash equilibrium.
C) There are no Nash equilibria in this game.
D) Camp with Us Offer Financing and Happy Campers Offer Financing is a Nash equilibrium.
To be a natural monopoly, a firm must
a. control an essential natural resource input. b. be very large. c. have a continuously falling average cost curve as output rises. d. have falling average costs over a substantial range of total market demand.
Which of the following is true?
a. Specialization and trade leads to mutual gains for countries. b. Protectionism (i.e., policies that limit trade in certain goods) promotes both economic prosperity and greater employment. c. Countries that have a lot of resources, like the United States, are always hurt by trade. d. Countries will have a higher standard of living when they produce as many goods as possible domestically.