Based on the diagram above, what is the difference between the purely competitive level of output and the pure monopolist level of output?
A. 50 units of output
B. 100 units of output
C. 10 units of output
D. 20 units of output
Answer: A
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.65, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) Without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) There is neither a surplus nor a shortage, but the market is NOT in equilibrium.
The economic way of thinking is
A) a biased perspective at the present time, and we should eliminate bias from economics. B) a biased perspective, but the existence of bias does not mean the discipline should be condemned. C) biased only when it is used to argue for particular policies. D) unbiased because economics is a science. E) unbiased insofar as its conclusions are drawn exclusively from actual facts.
When negative externalities are present in a market, it means that:
A. private costs are less than social costs. B. private costs are less than external costs. C. social costs are less than external costs. D. external costs are equal to social costs.
Boundary solutions arise when:
A. a good provides a consumer with little value per dollar relative to other alternatives. B. a consumer has a very low level of income. C. indifference curves are convex. D. indifference curves exhibit increasing MRS.