Monopolistic competition is characterized by
A) ease of entry.
B) many sellers.
C) product differentiation.
D) all of these choices characterize this market.
D
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All natural monopolies are characterized by
a. decreasing marginal cost at the point where their marginal cost curve crosses their demand curve. b. the fact that they earn economic losses. c. decreasing average costs at the point where their average cost curve crosses their demand curve. d. the fact that losses can only be avoided if they are regulated.
If the Gini coefficient is 1, this means that __________.
a. the income distribution is completely equal b. the income distribution is completely unequal c. that there is no income distribution
A firm producing ink pens reports the following production information:
# of Workers Total Product (boxes of pens per hour) 0 0 1 45 2 80 3 100 4 116 5 126 6 131 The pens sell in a competitive market at a price of $0.50 per box. The firm hires workers in a competitive labor market at a wage of $9 per hour. How many workers should the firm hire? Explain your answer.
What is the profit maximizing price?
A) 10 B) 20 C) 3 D) 40 E) none of the above