Compared to perfect competition, a monopoly will produce ________ output, and charge a ________ price
A) more; higher
B) more; lower
C) less; higher
D) less; lower
C
You might also like to view...
All of the following are differences between partnerships and corporations except
A) scale of ownershi
Suppose a 25% off sale on post-holiday merchandise creates a 50% increase in post-holiday sales. The price elasticity of demand is:
A) 2.0. B) .75. C) .50. D) .25. E) none of the above.
In the specific factors model, a 5% decrease in the price of food accompanied by a 5% decrease in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in
the welfare of the fixed factor in the production of cloth. A) no change; no change; no change B) an increase; an increase; an increase C) a decrease; an increase; an increase D) an increase; a decrease; a decrease E) a decrease; a decrease; a decrease
The demand curve is constructed with a
A. positive slope, because as more is purchased of a good, the cost of producing it rises. B. positive slope, because as buyers have more money, the more of a particular good will be purchased. C. negative slope, because when people purchase more of a good, the cost to produce that good falls. D. negative slope, because with everything else equal, buyers will purchase more of a good when its price is lower. E. positive slope, because as the price rises, people want to sell more of the good.