Which of the following statements is not correct?
a. Consumers will likely benefit in the form of lower prices from buying a product made by a natural monopoly than if the market were served by several firms.
b. Monopolists typically charge higher prices than competitive firms.
c. Monopolists typically produce larger quantities of output than competitive firms.
d. Consumers may benefit from monopolies if the firms invest their higher profits into something that benefits society such as medical research.
c
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The higher the bid in a first-price sealed-bid auction, the ________ the chances of winning and the ________ the surplus earned
A) higher; higher B) higher; lower C) lower; higher D) lower; lower
A graph measures y on the vertical axis and x on the horizontal. The curve on the graph is a horizontal line. From this fact we know that
A) the value of x never changes. B) the value of y does not depend on the value of x. C) the ratio of x to y is constant. D) the slope of the line is not defined because y never changes.
A large open economy increases its desired saving. This causes the world real interest rate to ________ and the country's current account balance to ________
A) fall; fall B) remain unchanged; rise C) fall; rise D) remain unchanged; fall
The Pullman strike of 1894
a. resulted in management's agreement to negotiate with the labor union. b. received widespread support from the American public. c. was led by Eugene V. Debs. d. became a model for later attempts by unions peacefully organize. e. All of the above.