Which one of the following is the best description of a monopolist?
a. a firm that produces a single product
b. a firm that is the sole producer of a narrowly defined product class, such as yellow, grade-A butter produced in Wisconsin
c. a firm that is the sole producer of a product for which there are no good substitutes in a market with high barriers to entry
d. a firm that is large relative to its competitors
C
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Stock prices often fail to correctly reflect complete information about a company in the long run
a. True b. False Indicate whether the statement is true or false
The explanations for the slopes of the aggregate demand and short-run aggregate supply curves are the same as the explanations for the slopes of demand and supply curves for specific goods and services
a. True b. False Indicate whether the statement is true or false
The ratio of exports to GDP for the United States in 2014 is approximately equal to
A) 6%. B) 13%. C) 21%. D) 31%.
Refer to the above table. If the price is $6 the maximum profit this firm could earn is
A. $210. B. $420. C. $630. D. $414.