Buying a monopoly from the existing owner does not ensure an economic profit because
A) the market for monopolies is a monopoly.
B) competition among buyers drives up the cost of buying the firm.
C) profits equal zero in the long run anyway.
D) of the deadweight loss triangle.
B
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Which of the following is true?
A) The real interest rate can never be zero. B) The nominal interest rate is usually negative. C) The real interest rate is always positive. D) The nominal interest rate is usually less than the real interest rate. E) The real interest rate can be negative.
In order for something to be used as money, it must be _____
a. issued by the government b. issued by banks c. declared to be money d. generally acceptable e. made of something valuable
The fact that landlords are able to pass the majority, but not all, of the burden of property taxes on to renters suggests that the price elasticity of demand for apartments is
A. Perfectly inelastic. B. Elastic. C. Inelastic. D. Perfectly elastic.
Innovation is
A. the same thing as invention. B. the desired result of invention. C. the necessary precondition of invention. D. unrelated to invention.