The market structure of monopoly exists when
A) there are a small number of interdependent firms that constitute the entire market.
B) there is a single producer of a product.
C) there are many producers of differentiated products.
D) there are many producers of a homogeneous product.
B
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Indicate whether each of the following would be classified as employed, unemployed, underemployed, and/or not a member of the labor force: (a) a 15-year old student; (b) a convicted felon serving time in a federal prison; (c) a college student with a part-time job who is not interested in a full-time job; (d) a full-time homemaker who is not seeking work outside the home; (e) a worker temporarily away from the job due to illness; (f) a person with a law degree who is driving a taxi for a living; (g) a part-time worker seeking full-time work; (h) a discouraged worker who has discontinued his or her job search.
What will be an ideal response?
The Federal Reserve can tightly control
a. cash in the hands of the public b. cash in the hands of the public and demand deposits c. demand deposits d. funds in savings accounts and checking accounts e. borrowing by the government
Figure 11-3
In Figure 11-3, which of the following is true, whether or not the monopolist is maximizing profits?
A. MR < P. B. MC = P. C. MC < AC. D. MR = P.
What is the difference between an "increase in demand" and an "increase in quantity demanded"?
A) There is no difference between the two terms; they both refer to a shift of the demand curve. B) An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve. C) There is no difference between the two terms; they both refer to a movement downward along a given demand curve. D) An "increase in demand" is represented by a movement along a given demand curve, while an "increase in quantity demanded" is represented by a rightward shift of the demand curve.