A monopoly can be losing money in the ____________, but not in the ____________.
A. short run; short run
B. long run; long run
C. long run; short run
D. short run; long run
D. short run; long run
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An increase in consumer spending based on an increase in income is reflected by
A) an upward rotation of the consumption function. B) a downward shift in the consumption function. C) a movement up along the consumption function. D) an increase in the MPC.
A positive externality results when
A) economists are sure that a good or service provides benefits to consumers. B) someone pays for a good or service even though she is not directly affected by the production or consumption of it. C) people who live in one country benefit from the production of a good or service that occurs in another country. D) people who are not directly involved in producing or paying for a good or service benefit from it.
Two random variables X and Y are independently distributed if all of the following conditions hold, with the exception of
A) Pr(Y = y = x) = Pr(Y = y). B) knowing the value of one of the variables provides no information about the other. C) if the conditional distribution of Y given X equals the marginal distribution of Y. D) E(Y) = E[E(Y )].
A major U.S. motive for negotiating a free-trade agreement with Mexico was
a. to gain increased access to Mexico's huge oil reserves b. to achieve ultimately political union with Mexico c. as a stepping-stone to the formation of a free-trade bloc in the whole Western Hemisphere d. to appease Canada e. to appease GATT