Which of the following DOES NOT contribute to the market power of a firm?
A) number of available substitutes
B) the color of the product
C) legal protections
D) the number of firms in the market
B
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If a natural monopolist were to sell at the price where marginal cost equals demand, then it would be earning
a. zero economic profits, like a competitive firm in the long-run. b. negative profits and would not be able to survive. c. positive profits but not would not need to worry about government intervention to regulate it. d. positive profits but would still need to worry about possible government intervention to regulate it.
The situation in which a person places greater value on a good as more and more people possess it is called the
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
Legislated federal government payments that anyone who qualifies can receive are called
A) controllable expenditures. B) a fiscal stabilizer. C) balanced expenditures. D) entitlements.
Why is price less than marginal revenue for a monopolist?
What will be an ideal response?