Pure monopoly
a. is defined as having only one supplier.
b. has no close substitutes for its product.
c. exists when entry and survival of potential competitors is extremely unlikely.
d. All of the above are correct.
d
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Which of the following legal subjects is most concerned with the economic function of the legal system?
A) criminal law B) public goods C) antitrust legislation D) civil rights
In any year, nominal GDP divided by the GDP chain price index times 100 equals real GDP
a. True b. False Indicate whether the statement is true or false
A monopolist charges $7 per unit for selling 6 units of his product. To sell 7 units, he reduces price to $6.5 per unit. The marginal revenue (net addition to revenue) from selling the seventh unit is then $3.5
Indicate whether the statement is true or false
?
Exhibit 8-3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
Consider Exhibit 8-3. Suppose GeneTech's patent expires and the market for the vaccine becomes perfectly competitive. Which of the following price and quantity combinations would be most likely?
A. $45 per dose and 100 doses per hour B. $40 per dose and 200 doses per hour C. $35 per dose and 300 doses per hour D. $28 per dose and 450 doses per hour