Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive industries
a. True
b. False
Indicate whether the statement is true or false
False
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The Founding Fathers (or Founders) of the United States were
(a) pragmatic reformers, eager to assault slavery whenever political realities permitted. (b) skittish abolitionists, cautiously promoting antislavery under particular circumstances. (c) anti-abolitionists, permitting slaves to be freed only when they would reap a great advantage from emancipation. (d) not concerned with slavery, because for centuries humankind failed to recognize it as a problem.
In golf and tennis, there is little concern over player strikes because
A. they are amateurs and do not wish to be paid. B. there is a direct relationship between winning and earning. C. the golf and tennis owners have always been fair. D. even the average players make more than the stars in the other sports.
Which of the following is true of foreign exchange markets?
A. Most foreign exchange trading involves the exchange of U.S. dollars for other currencies. B. Individuals' exchanges of currencies comprise the largest portion of overall foreign exchange trading. C. The laws of demand and supply are not applicable in a foreign exchange market. D. The foreign exchange market is a single gathering place where traders shout buy-and-sell orders at each other.
A constant-cost industry is one in which
A) output increases lead to productivity gains. B) the marginal product of labor is constant. C) there is no change in long-run per-unit costs, even as output varies. D) each firm has a horizontal long-run average cost curve.