Consumers fare worse under a monopoly than under perfect competition because a lower quantity is sold at a higher price in the monopoly market than in a perfectly competitive market
a. True
b. False
Indicate whether the statement is true or false
True
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At the Nash equilibrium of an oligopoly market:
A. only one firm is able to earn profits. B. each firm is making a profit-maximizing choice, regardless of the choices of its rivals. C. each firm is making a profit-maximizing choice given the choices of its rivals. D. each firm produces the same quantity.
Common property
a. is owned by specific people. b. is inexhaustible. c. refers strictly to land resource. d. refers to goods "owned" by society at large and freely usable by anyone.
Generally, the opportunity cost and the money cost of a good
a. are identical only if the good sells in a free market. b. are different. c. matter only to the purchaser of the good. d. are not reflected in its price.
Milton Friedman argued that the economy is not in long-run equilibrium if the expected inflation rate __________ the actual inflation rate
A) is less than B) is greater than C) equals D) a and b