A monopolist will charge a lower price and produce more output than if it was operating in a competitive market

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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Suppose iPhones cost 180 euros and 240 dollars in Belgium and the United States, respectively, while binoculars cost 60 euros and 75 dollars in Belgium and the United States, respectively

If the exchange rate is 0.75 euros/dollar, the law of one price ________ for iPhones and ________ for binoculars. A) holds; holds B) does not hold; holds C) does not hold; does not hold D) holds; does not hold

Economics

Explain why the dominant strategy equilibrium in an open outcry English auction is also the Nash equilibrium

What will be an ideal response?

Economics

Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:

A. less than $16. B. more than $16. C. at no more than $8. D. at exactly $16.

Economics

Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes 

A. Martha; Martha B. Julia; Julia C. Julia; Martha D. Martha; Julia

Economics