Which of the following firms best fits the definition of a monopoly?
a. General Motors
b. Exxon Mobile
c. Local electric utility
d. AT&T
c
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Assume the four major grocery stores in a large metropolitan area decide to meet secretly to fix prices for meat. It would be easiest to maintain this arrangement when:
A) the number of additional competitors is very small. B) the cost conditions for the four firms differ substantially. C) individual firms are able to offer secret price discounts to selected buyers. D) demand for meat and fresh vegetables is falling.
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is KGC's marginal revenue when it sells 5,000 cubic years of concrete per year?
A. $37.50 B. $25.00 C. $50.00 D. $0.00
A nation can determine how close it is to the classical range by considering its:
a. Capacity utilization index. b. Exchange rate. c. Size of the federal budget deficit. e. Export position.
Taxing people according to their marginal valuations of a public good may be efficient, but it may not be fair if incomes differ
Indicate whether the statement is true or false