After a corporate merger, Rebecca Jalamid became the CEO of a monopoly firm. She was surprised to learn that one benefit of being a monopoly was that her company
a. could charge as high a price as desired
b. was in a good position to capture the fruits of any innovation
c. received increased scrutiny from government regulators
d. started to attract potential competitors motivated to get a share of the economic profits of Rebecca's company
e. contributed to the deadweight loss in the economy
B
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_____ is the resource whose productivity is most commonly measured
a. Labor b. Capital c. Land d. Energy e. Money
If the income elasticity of demand for dental services is –0.6, this means that people purchase more dental services when the price is lowered
Indicate whether the statement is true or false
Regardless of quantity in long-run equilibrium, the competitive price-taker market price cannot exceed the
a. long-run average cost of supplying that quantity. b. total variable cost of supplying that quantity. c. long-run total cost of supplying that quantity. d. minimum long-run marginal cost of supplying that quantity.
Refer to the information provided in Figure 16.2 below to answer the question(s) that follow.
Figure 16.2Refer to Figure 16.2. The ________ imposed as a result of producing the market (unregulated) level of cars is $350.
A. marginal private cost B. marginal social cost C. marginal social benefit D. total damage