A monopolist:
A. can never incur losses.
B. earns a profit in the short run but not in the long run.
C. earns a profit in the short run and the long run.
D. can earn profits or incur losses in the short run.
Answer: D
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Discuss the correct and incorrect economic analysis in the following statements
"If a disease kills a large number of turkeys, the supply of turkeys will decrease. This will result in a price increase, which will then cause the supply of turkeys to increase."
The Federal Reserve will engage in a matched sale-purchase transaction when it wants to ________ reserves ________ in the banking system
A) increase; permanently B) increase; temporarily C) decrease; temporarily D) decrease; permanently
The classical view of the quantity theory of money assumes that the velocity of money
a. is constant b. will rise if the money supply rises and fall if the money supply falls c. will rise if the money supply rises, but it will not change if the money supply falls d. will fall if the money supply rises, and it will rise if the money supply falls e. will fall if the money supply rises, but it will not change if the money supply falls
When a single person (or small group) has the ability to influence market prices, there is
a. competition. b. market power. c. an externality. d. a lack of property rights.