If technology is fixed, monopolization of a competitive industry will lead to
a. lower prices and higher output
b. higher prices and the same level of output
c. lower output and the same level of price
d. higher prices and lower output
e. higher output and higher prices
D
You might also like to view...
In the figure above, originally the apartment rental market is in short-run and long-run equilibrium with a rent of $600 per month. Then the government imposes a rent ceiling of $500 per month
If the law is strictly enforced, the maximum for which an apartment will rent on the black market is A) less than $600 per month. B) $600 per month. C) $700 per month. D) more than $700 per month.
The slope of a production possibilities frontier measures the ________ of producing one more unit of a good
A) marginal cost B) marginal revenue C) total revenue D) opportunity cost
In general, elasticities measure
A) the change in quantity demanded when a product attribute changes. B) the change in consumer spending when income changes. C) the change in an attribute for a percentage change in price. D) the percentage change in the quantity demanded resulting from a fixed percentage change in some attribute.
According to the Philips curve diagram, if a central bank takes action to reduce the inflation rate, unemployment is
a. higher in the short-run and the long-run. b. higher in the short-run only. c. lower in the short-run and the long-run. d. lower in the short-run only.