Firms can have a high degree of monopoly power and not be a perfect monopoly if they:
A. are the single producer of a product.
B. control 80 to 90 percent of the market.
C. have only a small number of competitors.
D. intimidate the other businesses in the market.
B. control 80 to 90 percent of the market.
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The law of diminishing marginal returns says that as the firm uses more of ________, with a given quantity of ________, the ________ product of the variable input eventually diminishes
A) a fixed input; variable inputs; marginal B) all inputs; capital; average C) a variable input; fixed inputs; average D) a variable input; fixed inputs; marginal
The Tiebout model offers a quasi-market solution to public good production and community development. What are some drawbacks to this model?
What will be an ideal response?
Which of the following might explain the evidence of an endowment effect in behavioral economics?
A) government regulation B) knowledge and experience C) the federal tax code D) class envy
In an open economy, an increase in (G ? T) will
a. decrease (X ? IM). b. increase (X ? IM). c. leave (X ? IM) unchanged. d. have an unpredictable effect on (X ? IM).