Which of these contributes to the existence of monopoly power?
a. a continuously decreasing long-run average cost curve
b. possession of a patent
c. control over essential output
d. All of the above are correct.
d
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Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases. Which of the figures above best illustrates the effect of this change on the market for plywood?
A) Figure A B) Figure B C) Figure C D) Figure D E) Figure A or Figure C depending on how contractors react to the higher price of bricks.
In long-run equilibrium, which of the following is not equal to price for a perfectly competitive firm?
a. Short-run average variable cost. b. Long-run average total cost. c. Short-run marginal cost. d. Short-run average total cost.
Individuals in countries with __________ often spend considerable time trying to secure resources from others
a. free riders b. no criminal law c. poorly defined property rights d. side payments e. Pareto efficiency
The unemployment rate:
a. Always rises when the employment rate rises. b. Has more reliable components (in terms of measurability) than the employment rate. c. Is considered to be a poorer measure of business cycle activity than the employment rate. d. Tends to be more stable than the employment rate. e. None of the above.