In a purely competitive industry, each firm:
A. Determines its own price
B. Produces a differentiated product
C. Can easily enter or exit the industry
D. Engages in various forms of nonprice competition
C. Can easily enter or exit the industry
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In a single-price monopoly market
a. total benefit (the sum of consumer and producer surplus) is as large as it can possibly be b. price and output are higher than they would be in an otherwise similar perfectly competitive market c. price and output are lower than they would be in an otherwise similar perfectly competitive market d. the quantity produced is artificially low, thereby creating an inefficiency e. the price charged is artificially low, thereby creating an inefficiency
If a product has a diminishing, but positive, marginal utility, then total utility
A. increases at a diminishing rate. B. decreases at a diminishing rate. C. decreases at an increasing rate. D. will become negative.
The amount of funds that a nation can withdraw from the International Monetary Fund depends upon
A) the rules set up by the World Bank. B) whether it is seeking a long-term or short-term loan. C) whether it is a developing nation or a developed nation. D) its quota subscription.
When setting prices, the monopolist may choose to charge alternative customers different prices based on: a. geographical location. b. age
c. income. d. all of the above