Pure monopoly is able to exist because the firm's product is better than the substitutes that are available in the market
a. True
b. False
Indicate whether the statement is true or false
False
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A good with a perfectly inelastic supply has a price elasticity of supply:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
If a firm's output doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale. B) imperfect competition. C) intra-industry equilibrium. D) constant returns to scale E) decreasing returns to scale.
The "damaged goods" strategy refers to
a. Trying to sell damaged goods to your customers b. Damaging the goods after they have been paid for but before the shipping c. Incurring additional costs to make the cheaper goods unattractive to high-value users d. Incurring additional costs to make the more expensive goods better quality
A nation's production possibilities curve should, ceteris paribus, shift
A. Inward if gross investment exceeds depreciation. B. Outward if net investment is positive. C. Inward if net investment is zero. D. Outward if gross investment is positive.