A pure monopoly exists when:
A. a single firm produces a good with many close substitutes.
B. only a single firm is present in the market.
C. many firms produce a good with no close substitutes.
D. a single firm produces a good with no close substitutes.
Answer: D
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Refer to the figure above. What is the consumer surplus when Lithasia opens up to free trade?
A) $155 B) $215 C) $245 D) $325
An increase in per capita income will generally lead to
a. more material goods, but a decline in the quality of the environment. b. a reduction in life expectancy because working conditions are less desirable. c. an increase in the number of hours worked by residents. d. an increase in the living standards of most people.
Most academic studies show that Head Start benefits
A. are suspect due to the inability to test young children. B. slowly evaporate over two or three years and are not seen in testing of high school age children. C. don't exist at all, even for the children in the program. D. can be observed to last well beyond graduation from college.
Refer to the table below. If the price starts falling from $5, at what price range does demand become inelastic?
A. From $2 to $1
B. From $3 to $2
C. From $4 to $3
D. From $5 to $4