Which of the following could effectively destroy a monopoly structure?
a. the appearance of just one close substitute good
b. its exclusive access to resources
c. its patent on a new technology
d. a government restriction on entry
e. a merger of two once-competing firms
A
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Which of the following would shift the supply curve for coffee to the right?
a. An innovation in agricultural techniques that allows growers to produce coffee less expensively. b. A late frost in Brazil that destroys 75% of its coffee bean crop. c. An increase in the wages paid to coffee bean pickers. d. A rise in the popularity of espresso, cappuccino, and other exotic coffee drinks.
Firms in long-run equilibrium in a perfectly competitive industry will produce at the low points of their average total cost curves because
a. free entry implies that long-run profits will be zero no matter how much each firm produces. b. firms seek maximum profits and to do so they must choose to produce where average costs are minimized. c. firms maximize profits and free entry implies that maximum profits will be zero. d. firms in the industry desire to operate efficiently.
One likely result of a price ceiling is that
a. an excess supply of the good results b. the price would be above the equilibrium price c. the price would be the equilibrium price d. the good must be rationed e. the supply curve shifts to the right
The amount of income that households actually receive before they pay personal income taxes defines
A. disposable personal income (DPI). B. national income (NI). C. personal income (PI). D. net domestic product (NDP).