In a monopoly
A) the firm is large in an absolute sense.
B) the market is small in an absolute sense.
C) the firm and the industry are the same thing.
D) the monopolist determines how much each firm will produce.
C
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One of the main reasons that explains why the Industrial Revolution started in Britain is that:
A) economic agents in Britain opposed creative destruction. B) Britain was a command economy. C) Britain had inclusive institutions. D) property rights were absent in Britain.
If Slick Shades, a sunglasses manufacturer, merges with Best Lens, a lens manufacturer, and the combined firm is able to reduce the number of human resource departments from two to one, the merger created ________.
A) a hold-up problem B) synergies C) technological interdependencies D) managerial diseconomies
The demand curve shows the relationship between
A. the demand and supply schedules. B. demand and supply equilibrium. C. price and quantity demanded. D. None of these choices are correct.
Which of the following best describes a production function?
a. The relationship between the quantity of labor employed and total cost. b. The relationship between consumer preferences and market demand. c. The relationship between price and quantity supplied by sellers in a market. d. The relationship between the amount of resources employed and the total output produced by a firm.