If pizza used to be produced in a competitive price-taker market, and now the pizza market has become a monopoly, we can expect
a. less pizza to be sold at a higher price.
b. more pizza to be sold at a higher price.
c. less pizza to be sold at a lower price.
d. more pizza to be sold at a lower price.
e. the same amount of pizza to be sold at the same price.
A
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All else constant, an increase in the incomes of consumers in the market for diamonds would cause the supply of diamonds to increase
Indicate whether the statement is true or false
A vertical line showing an economy's potential output is called the ________, while a horizontal line showing the current rate of inflation is called the ________.
A. short-run aggregate supply; long-run aggregate supply B. long-run aggregate supply; short-run aggregate supply C. long-run aggregate supply; aggregate demand D. short-run aggregate supply; aggregate demand
The major aim of government regulation is to
A. Alter industry behavior. B. Prevent monopolies from forming. C. Restrict competition. D. Control the structure of an industry.
Economists refer to a monopoly that results from very high fixed costs as
A. a necessary monopoly. B. a simple monopoly. C. a natural monopoly. D. an unnatural monopoly.