Which phrase would be most characteristic of pure monopoly?
A. close substitutes
B. efficient advertiser
C. single seller
D. price taker
Answer: C
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The Coase Theorem states that:
A. if bargaining is difficult, then regardless of how property rights are assigned, voluntary agreements between parties will remedy the market failures associated with externalities and restore economic efficiency. B. if bargaining is frictionless, then the initial assignment of property rights determines the market failures associated by externalities and voluntary agreements between private parties are useless. C. if bargaining is frictionless, then regardless of how property rights are assigned, voluntary agreements between private parties will remedy the market failures associated with externalities and restore economic efficiency. D. if bargaining is frictionless, market failures must be remedied by government intervention.
The more capital a laborer works with, the more output the worker creates
Indicate whether the statement is true or false
Figure 10-3
In Figure 10-3, the profit maximizing firm will operate at a level of
a.
OJ.
b.
OG.
c.
OI.
d.
OH.
Allocative efficiency is achieved when the production of a good occurs where:
A. P = minimum ATC. B. P = MC. C. P = minimum AVC. D. total revenue is equal to TFC.