A single-price monopoly with the same market demand and cost structure as a perfectly competitive market will produce
a. the same output level at the same price as the perfectly competitive market
b. less because the monopolist will not produce all units for which marginal revenue exceeds its marginal cost
c. less since the monopolist's marginal revenue curve lies below its demand curve
d. more because the monopolist will be more efficient
e. more because the monopolist's marginal cost curve slopes upward
C
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An efficiency wage is ________ and results in ________
A) equal to the equilibrium wage; full employment B) above the equilibrium wage; a surplus of labor C) below the equilibrium wage; a shortage of labor D) above or below the equilibrium wage; a surplus or shortage of labor
Short-run cost functions are estimated using
A) time-series regression analysis. B) cross-sectional regression analysis. C) nominal cost data. D) present value cost data.
Which of the following people would be classified as fictionally unemployed?
a. Computer programmers who lost their jobs because of a recession. b. Construction workers who are on temporary layoff. c. Elementary school teachers who do not have summer jobs. d. Textile workers who lost their jobs because of new foreign competition.
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.