Government regulation of monopolies is designed to
a. prevent price discrimination
b. eliminate rent-seeking activities
c. reduce barriers to entry into monopolized markets
d. keep prices and profits lower than they would otherwise be
e. ensure that monopolies are minimizing costs
D
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In a perfectly competitive market, one farmer's barley is
A) completely different from another farmer's barley. B) a perfect substitute for another farmer's barley. C) a monopolized product in that farmer's local market. D) a monopolized product in the national market. E) slightly different from another farmer's barley.
The Federal Reserve Board of Governors has:
A. Seven members appointed by the president of the United States. B. Fourteen members appointed for seven-year terms by the president of the United States. C. Seven members elected by U.S. citizens. D. Fourteen members selected by the U.S. Senate.
Which of the following is NOT a factor with job satisfaction?
a. hours b. pay c. benefits d. vacation location
A purely competitive firm is producing at the point where its marginal cost equals the price of its product. If the firm increases its output, then total revenue will:
A. decrease and profits will increase. B. increase and profits will decrease. C. increase and profits will increase. D. decrease and profits will decrease.