When one company is the sole seller of certain products in a market, it is called a
A) conglomerate. B) monopoly.
C) government exclusive. D) manipulation of the market.
B
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Changes in the price level
A) do not affect the level of aggregate supply in the long run. B) increase the level of aggregate supply in the long run. C) decrease the level of aggregate supply in the long run. D) increase the level of aggregate supply in the long run only at very high levels of output.
After firm A acquired firm B, it lowered the prices for the goods produced by both firms. This can increase profits if the goods are
a. Substitutes b. Complements c. Not related d. None of the above
Both private goods and club goods are
a. rival in consumption. b. nonrival in consumption. c. excludable. d. nonexcludable.
Refer to the accompanying figure. Suppose a consumer protection group convinces the government to impose price controls in this market. If the government requires cheese to be sold for less than the equilibrium price, then, relative to before the price controls, total consumer surplus in the market:
A. would increase because consumers would be able to purchase more cheese at a lower price. B. would increase because consumers would be able to purchase the same quantity of cheese at a lower price. C. would decrease because of the reduction in equilibrium price. D. could either increase or decrease.