Many economists criticize monopolists because they
a. charge a price that equals marginal cost rather than a price that equals average cost.
b. do not innovate.
c. produce a large quantity of waste.
d. produce less than the socially efficient level of output.
d
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The above figure shows the demand and cost curves for a firm in monopolistic competition. In the long run, the demand for this firm's product will
A) decrease as other firms enter the industry. B) decrease as product differences disappear. C) become less elastic as firms exit the industry. D) become less elastic as other firms enter the industry.
Which of the following is true of leakages and injections in the circular flow model? a. Leakages minus injections equal gross domestic product (GDP)
b. Injections minus leakages equal gross domestic product (GDP). c. Leakages minus injections equal zero in equilibrium. d. Leakages must be less than injections for an economy to be in equilibrium. e. Leakages must be greater than injections for an economy to be growing.
The mission, vision, and values provide the foundation for the strategic planning process.
a. true b. false
Does the stock market resemble a perfectly competitive market?
A. Yes, the stock market does resemble a perfectly competitive market. B. No, because there are not enough buyers and sellers in the stock market. C. No, because the buyers and sellers in the market lack access to reliable information about prices in the market. D. No, because the products (stocks) in the market are not standardized well enough.