Comparing a pure monopoly and a purely competitive firm with identical costs, we would find in long-run equilibrium that the pure monopolist's:
A. price, output, and average total cost would all be higher.
B. price and average total cost would be higher, but output would be lower.
C. price, output, and average total cost would all be lower.
D. price and output would be lower, but average total cost would be higher.
Answer: B
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How did active government industrialization strategy and industrial policies, including the collaboration between private and public sectors contribute to the East Asian development success?
What will be an ideal response?
Researchers estimate QALYs in a number of different ways. One popular approach is called
a. the probability approach b. the QoL approach c. the standard gamble d. the standard measure of well-being e. the utility of life approach
Which of the following is true? a. At the natural rate of unemployment, the economy is considered to be at full employment
b. At full employment, the economy is producing at its potential output. c. If unemployment is greater than its natural rate, the economy is producing at less than its potential output. d. All of the above are true.
Refer to the diagrams. In diagram (B) the profit-maximizing quantity is:
A. g and the profit-maximizing price is e.
B. h and the profit-maximizing price is e.
C. g and the profit-maximizing price is f.
D. g and the profit-maximizing price is d.