Because monopoly firms do not have to compete with other firms, the outcome in a market with a monopoly
a. is often not in the best interest of society.
b. maximizes total economic well-being.
c. is efficient.
d. benefits consumers more so than the producer.
a
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In the figure above, U.S. consumers' ________ from the tariff is ________
A) loss; $176 million B) gain; $64 million C) loss; $80 million D) gain; $128 million
What is a "debtor nation?" Is the United States a debtor nation?
What will be an ideal response?
Price elasticities tend to be higher, the greater the number of substitutes
Indicate whether the statement is true or false
The kinked demand curve model helps to explain:
a. fluctuations of prices in pure competition b. stabilities observed in prices in oligopolistic industries c. fluctuations observed in prices in oligopolistic industries d. all of the above e. none of the above