Pure monopoly
A. is defined as having only one supplier.
B. has no close substitutes for its product.
C. exists when entry and survival of potential competitors is extremely unlikely.
D. All of these responses are correct.
Answer: D
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When the price of a normal good decreases, people buy ________ of the good due to ________
A) more; the substitution effect only B) more; the substitution and income effects C) less; the substitution effect only D) less; the income effect only
The race-to-the-bottom concept described in the text refers to
A) the situation in which countries with high standards are forced to lower their standards or face the loss of jobs and industry. B) the situation in which human rights are not respected by trading countries. C) adopting the standards of a few selected middle-income and high-income countries. D) the use of low per-capita income as a means of comparing the well-being of individuals. E) None of the above.
Suppose you own a store that sells computers. You have determined that the demand function for your computers is Qd = D(P) = 900 - 3P. At what price would you sell the computers if you wanted to sell 60 of them?
A. $250 B. $275 C. $280 D. $300
A positive economic statement is one that
A) can be refuted. B) is free of the ceteris paribus assumption. C) is based on a value judgment. D) asserts something about the role of moral behavior in building a strong economy.