The differences between a competitive market and a monopoly include all of these except
A. excess profits would be competed away in a competitive market, but persist in a monopolistic market.
B. a competitive market would work toward production of the quantity consumers seek, while a monopolistic market may restrict output to raise short term prices.
C. a competitive market’s cost curves will shift with the market, while a monopoly’s cost curves will remain stable.
D. a competitive market would work toward production of the quantity consumers seek, while a monopolistic market may restrict output to raise long term prices.
Answer: C
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When white males resist to share responsibilities with members of a minority group, it is termed as:
a. employer prejudice. b. consumer prejudice c. worker prejudice. d. statistical discrimination. e. occupational segregation.
Social cost is
a. private cost minus external cost b. the same as external cost c. the same as production cost d. private cost divided by external cost e. private cost plus external cost
If $30 billion in new investment is added to the economy and MPC is 0.9, national income would increase by
a. $30 billion b. $90 billion c. $100 billion d. $210 billion e. $300 billion
What is the difference between imports and exports?
What will be an ideal response?