Refer to the graph shown.
A monopolist that efficiently produces the profit-maximizing level of output would have per-unit cost equal to:
A. A.
B. B.
C. C.
D. D.
Answer: D
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Other things constant, a ________ price ________ quantity demanded
A) higher; increases B) lower; increases C) higher; decreases D) lower; decreases E) both B and C above.
Which of the following is an example of a progressive tax?
a. The excise tax on cigarettes. b. The federal tax on gasoline. c. The federal personal income tax. d. All of these.
In order for antitrust laws to raise social welfare, the government must
a. disallow synergy benefits from accruing to monopolists. b. disallow any mergers from taking place. c. be able to determine which mergers are desirable and which are not. d. always attempt to keep markets in their most competitive form.
Which of the following is not a characteristic of a perfectly competitive market?
a. Firms are price takers. b. Firms have difficulty entering the market. c. There are many sellers in the market. d. Goods offered for sale are largely the same.