A monopoly firm will sell ________ output and charge a ________ price than a perfectly competitive firm.
a. less; higher
b. more; higher
c. more; lower
d. less; lower
Ans: a. less; higher
You might also like to view...
James used $200,000 from his savings account that paid an annual interest of 10% to purchase a hardware store. After one year, James sold the business for 300,000 . His economic profit is:
a. $300,000 b. $100,000 c. $80,000 d. $20,000
Microeconomics focuses on: a. economic growth
b. trade balances. c. unemployment. d. the actions of individual households.
Because workers in the U.S. economy receive most of the total income earned, which of the following factors of production is considered to be the most important?
a. profit b. wages c. interest d. labor
The Cost-Benefit Principle:
A. describes how people behave once they have enough education. B. provides an abstract model of how people should choose between alternatives. C. provides little insight into how people actually chose between alternatives. D. fully captures how people choose between alternatives.