Which of the following is NOT a characteristic of a pure monopoly?
A. Firms cannot enter freely.
B. Firms sell unique products.
C. Firms can control a scarce resource.
D. Firms are unable to acquire patents.
Answer: D
You might also like to view...
In the United States, the government coordinates most of the economic activity
Indicate whether the statement is true or false
As interest rates rise, other things equal,
A) investment decreases. B) money demand decreases. C) capital inflows increase. D) All of the above.
If MUa/Pa is greater than MUb/Pb, and the consumer is consuming both goods, the consumer is not maximizing utility. True or false. Explain
What will be an ideal response?
The invention of machinery that can double the amount of gold extracted from raw ore will likely: a. raise the world price of gold to pay for the new machinery
b. lower the world price of gold because any given amount can now be produced more cheaply. c. raise the world price of gold because miners' wages must double as their productivity doubles. d. lower the world price of gold only if new mining companies are not allowed to enter the industry.