A monopolist is best described as a price
a. taker.
b. searcher.
c. maker.
d. follower.
c
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If the price level kept increasing, the short-run aggregate supply (SRAS) curve would get steeper because
A) all the unemployed would eventually be hired. B) the long-run aggregate supply curve is horizontal. C) there are limits to how long workers can work long hours and capital can go without proper maintenance. D) the rate at which capacity can be expanded increases indefinitely.
The fewer the number of firms present in a market, the:
A. more competition is likely to be present. B. less likely barriers to entry are present. C. more likely market power will exist. D. less like a monopoly it will behave.
The demand for the Franconian franc in the foreign exchange market equals 11,000 - 25,000e and the supply of francs in the foreign exchange market equals 9,000 + 25,000 e, where e is the nominal exchange rate expressed in U.S. dollars per franc. If the franc is fixed at 0.25 U.S. dollars per franc, then the franc is ________ and Franconia has a balance-of-payments ________.
A. overvalued; surplus of 10,500 francs B. undervalued; surplus of 10,500 dollars C. undervalued; deficit of 10,500 francs D. overvalued; deficit of 10,500 francs
Based on the graph below, how does the monopolist's profit-maximizing price and output compare to the efficient price and output?
a. The monopolist charges less and produces less. b. The monopolist charges more and produces more. c. The monopolist charges more and produces less. d. The monopolist charges less and produces more