Check each of the following that are characteristics of monopolies.
a. P = AR = MR = D
b. economies of scale
c. ownership of essential resources
d. selling an identical product
e. legal and other barriers to entry
f. price takers
g. price setters
Answer:
b. economies of scale
c. ownership of essential resources
e. legal and other barriers to entry
You might also like to view...
Ida May Fuller was the first person to:
A. receive Social Security payments for over 20 years. B. petition Congress for indexing Social Security payments. C. receive a Social Security check. D. have her Social Security check adjusted for inflation.
When market price is below equilibrium price
A. a shortage is generated. B. market price will rise. C. quantity demanded is greater than quantity supplied. D. All of the choices are correct.
If a U.S. importer has to write a $200 check to cover a 20,000 yen purchase from Japan, the exchange rate is
A. 200 yen to a dollar. B. 100 yen to a dollar. C. 20 yen to a dollar. D. 10 yen to a dollar.
Most economists agree that the immediate cause of the large majority of cyclical changes in the levels of real output and employment is unexpected changes in:
What will be an ideal response?