A monopolist restricts output and charges a higher price relative to what would occur if a market were perfectly competitive
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
In the figure above, S is the supply curve and D is the demand curve in the unregulated, competitive market for gasoline in Motorland. The external cost of gasoline is constant at $1.50 per gallon
The unregulated, competitive market for gasoline in Motorland A) produces the efficient quantity of gasoline. B) overproduces by 0.2 million gallons of gasoline a month. C) underproduces by 0.1 million gallons of gasoline a month. D) overproduces by 0.1 million gallons of gasoline a month.
When a nation is said to be running a balance of payments surplus, this means its
A) official settlements balance is positive. B) trade balance is positive. C) net financial account balance is positive. D) current account is positive.
The amount of corruption that occurs in a government is hard to measure because:
A. its costs are mostly indirect and nearly impossible to measure. B. it is illegal, and therefore hidden. C. the benefits subtracted from the costs often go to a small number of people and distort the reality. D. All of these are true.
Given the industry supply and demand shown on the right side of the below graph, use the left side of the figure to draw the perfect competitor's demand, marginal revenue, average total cost, and marginal cost curves for its long-run situation.
