We define a monopoly as a market with
A) one supplier and no barriers to entry.
B) one supplier with barriers to entry.
C) many suppliers with no barriers to entry.
D) many suppliers with barriers to entry.
E) a few suppliers and barriers to entry.
B
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Which of the following is an implication of the classical model?
a. The supply of loanable funds curve is downward sloping. b. The inflation rate is constantly rising. c. Fiscal policy only changes the amount of consumption, investment and government spending, not the amount of output produced. d. Monetary policy can change both the interest rate and real output. e. The interest rate can only be changed by monetary policy, not by changes in government spending.
Laqueta buys a new GPS device for her car for $135 . She receives consumer surplus of $25 on her purchase if her willingness to pay is
a. $25. b. $110. c. $135. d. $160.
Exhibit 10-5 A perfectly competitive labor market ? Quantity of Labor (thousands) Marginal Revenue Product Wage Rate 5 $25.00$ 5.00 10 20.0010.00 1515.0015.00 2010.0020.00 255.0025.00? ? In Exhibit 10-5, when the marginal revenue product is $20.00, firms should
A. continue hiring workers. B. stop hiring workers. C. start firing workers. D. pay a wage above $15.00 to its workers
Which of the following is not a characteristic of a perfectly competitive market?
A. a large number of firms in a market B. selling a standardized product C. substantial barriers to entry D. an individual firm having no control over price