The era of the trust was
A. the late 19th century.
B. 1910-1920.
C. 1920-1930.
D. 1930-1940.
A. the late 19th century.
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When the price of a good rises, the resulting change in relative price causes the consumer to reduce his quantity demanded of that good, even when the consumer is income-compensated so that he remains indifferent about the price change. This observation is known as the
a. Giffen good phenomenon. b. law of demand. c. substitution effect. d. income effect.
Which of the following is a characteristic shared by a perfectly competitive firm and a monopoly?
A) Each sets a price for its product that will maximize its revenue. B) Each maximizes profits by producing a quantity for which price equals marginal cost. C) Each maximizes profits by producing a quantity for which marginal revenue equals marginal cost. D) Each must lower its price to sell more output.
An efficient allocation of resources requires each product’s price equals its marginal cost.
Answer the following statement true (T) or false (F)
Refer to the following graph.
Although this monopolist could technically keep average total costs down to C0, its costs are C1. This is an example of a(n):
A. monopolistic minimizer. B. lazy monopolist. C. Y-inefficient firm. D. oligopolistic market.