The short-run market demand schedule in perfect competition is positively sloped
a. True
b. False
Indicate whether the statement is true or false
False
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Unlike a firm in pure competition, a monopolist may be able to
a. block the entry of new firms into the industry. b. continue to earn economic profits in the long run. c. earn economic profits in the short run. d. both block the entry of new firms into the industry and continue to earn economic profits in the long run.
A federal system of governments can limit the problems posed by special interests because _____
a. it provides voters with other governments to compare to their own b. it increases the number of legislatures to oversee the bureaucracies c. it decreases rational ignorance d. b and c
Under socialism, factories, farms, mines, and natural resources are owned by:
A. laborers. B. government. C. private stockholders. D. no one.
If price is less than average cost in a monopolistically competitive market:
A. there is an incentive for firms to exit the market. B. there is profit incentive for firms to enter the market. C. the market must be in long-run equilibrium. D. there is no incentive for the number of firms in the market to change.