Monopoly producers face
A) many competitors producing the same product.
B) only a few competitors producing the same product.
C) at least one competitive producer of the same product.
D) no competitive producers of the same product.
Answer: D
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The price elasticity of supply is calculated as the change in supply divided by the change in price
Indicate whether the statement is true or false
Many minor league ballplayers get called up to play in the majors and then get sent back down again to the minors. Jim makes $26,000 in the minors and then when he gets called up he makes $125,000, though he never plays and is an unknown name to the fans. It is most likely true that
A. A portion of Jim's major league salary is economic rent. B. Jim is irrational to accept only $26,000 in the minor leagues. C. Jim was playing for way below the value of his marginal product in the minor leagues. D. Jim's productivity suddenly increases by $99,000 when he is called up to the majors.
To increase income by $120 when the slope of the curve showing the relationship between your income and work hours is 8, how many extra hours will you need to work?
A. 8 B. 15 C. 112 D. 960
The highest income quintile receives about ______% of all income.
Fill in the blank(s) with the appropriate word(s).