Monopoly power in a market causes:
A. monopolists to earn economic profits of zero.
B. consumers to gain.
C. market surplus to be lost.
D. producers to worry about competition.
C. market surplus to be lost.
You might also like to view...
Inputs, or factors of production, include
A. labor. B. machinery. C. natural resources. D. All of the responses are correct.
Refer to Figure 12-5. The firm's manager suggests that the firm's goal should be to maximize average profit. In that case, what is the output level and what is the average profit that will achieve the manager's goal?
A) Q = 1,800 units, average profit = $20 B) Q = 1,350 units, average profit = $5 C) Q = 1,100 units, average profit = $6 D) Q = 1,350 units, average profit = $9
These credit default swaps were also turned into other securities
What will be an ideal response?
Consider what most economists believe is the effect of minimum wage on unemployment in the United States. Based on that, in which of the following types of countries would the minimum wage have the most significant effect on unemployment?
a. countries with a high GDP b. countries with a low life expectancy c. countries with a high infant mortality rate d. countries with a high level of union participation