If an insurmountable barrier to entry is lifted and a market that was once dominated by a monopolist is now perfectly competitive, the market equilibrium price will be ________ and the market equilibrium quantity will be ________.
A) lower; higher
B) higher; lower
C) higher; higher
D) lower; lower
A) lower; higher
You might also like to view...
Which of these factors seems to predict widespread religious conversion?
A) rapid population loss, usually from introduced diseases B) contact with enlightened members of the new religion C) population growth and associated food shortages D) sudden ideological or technological changes
Early New World hunters are called
a. Paleo-Indians. b. Paleo-Asians. c. paleontologists. d. Paleo-humans.
The notion that technological improvements are good and beneficial to society is classified as a:
A) symbol. B) belief. C) analogy. D) norm. E) value.
The jobs most affected by outsourcing include those that are labeled "unskilled."
Indicate whether the statement is true or false