When unregulated monopolies exist,
A. Quality tends to be higher than with a competitive market.
B. Prices tend to be higher than with a competitive market.
C. Production tends to be higher than with a competitive market.
D. Externalities occur.
Answer: B
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Which of the following markets is likely to be perfectly competitive?
A) The market for patented nuclear medicines B) The market for wheat C) The market for smart phones D) The market for shower gel
Refer to Figure 5-9. Suppose the government wants to use a Pigovian tax to bring about the efficient level of production. What should the value of the tax be?
A) (P1- P0 ) per unit of output B) P1 per unit of output C) (P2- P0 ) per unit of output D) (P2- P1 ) per unit of output
Two goods that are complementary are:
a. wrapping paper and scotch tape. b. letter and fax. c. beef and chicken. d. bicycle and motorcycle. e. Coke and Pepsi.
Since 1950, the U.S. data show that the average annual rate of growth was greater for real GDP than for real GDP per capita.
Answer the following statement true (T) or false (F)