When economists compare monopoly to the monopolistic competitive market, they show that the latter generates
a. fewer choices for consumers
b. higher prices for consumers
c. higher economic profit (the sum of the economic profit of all firms)
d. less output because monopolies are more efficient
e. lower prices for consumers
E
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The Phillips curve shows: a. the relationship between the interest rate and the inflation rate
b. the relationship between the inflation rate and the rate of unemployment. c. the relationship between the unemployment rate and the level of real GDP. d. the relationship between the growth rate and the inflation rate. e. the relationship between the rate of unemployment and the growth rate.
In spite of limited free market reforms, which country remains essentially a communist system?
A. Cuba, as shown by the heavy taxes on the expected earnings, not actual sales, of private enterprises B. Cuba, as shown by the legalization of the U.S. dollar to earn foreign exchange C. Russia, as shown by the allowance of supply and demand to set higher prices for basic consumer goods D. Russia, as shown by the streets choked with foreign cars
Which of the following is true?
A. The United States spends more as a percentage of GDP than any other nation on foreign aid. B. The largest federal government purchase of goods and services is Social Security. C. Government purchases, but not transfer payments, are counted in Gross Domestic Product (GDP). D. Net interest on the national debt is only one percent of total federal government spending.
Recall the Application regarding the elasticity of demand for public transit varying over time to answer the following question(s).According to the Application, the demand for public transit is:
A. inelastic. B. elastic. C. perfectly inelastic. D. perfectly elastic.