If we compare a perfectly competitive market to a single-price monopoly with the same costs, the monopoly sells
A) the same quantity at a higher price.
B) a smaller quantity at a higher price.
C) a larger quantity at a lower price.
D) a larger quantity at a higher price.
E) a smaller quantity at the same price.
B
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Figure 9-1
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In Figure 9-1, the economy is
A. experiencing an inflationary gap, shown by the horizontal distance EB. B. at full employment without inflation. C. experiencing a recessionary gap, shown by the horizontal distance EB. D. experiencing a recessionary gap, shown by the distance between EF.
The increase in the price of sugar created by the tariff will lead domestic production to increase by ________ tons per year, compared to when the economy is open without the tariff.
A. 10 B. 20 C. 40 D. 30
Patents ________ permit investors to have a monopoly on their innovation and ________ permit them to earn economic profit.
A) do not; do not B) do; do not C) do; do D) do not; do
According to the circular flow model, which statement is true?
a. Households with income from land and capital are wealthier than households with income only from labor. b. An entrepreneur who earns a wage must have at least two jobs. c. A household that owns no land or capital can earn only wages and/or profit. d. All services are produced by entrepreneurs. e. Some workers are only paid in interest and profit.