A monopoly occurs when one firm produces all of the market supply of a good or service.
Answer the following statement true (T) or false (F)
True
A monopoly is a single firm that produces the entire market supply of a good.
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When resources are NOT allocated efficiently, we have ________________.
A. Answered the basic economic questions B. A market failure C. A government failure D. Market equity
The data in the table show the marginal costs and marginal benefits to a city for five different levels of pollution control.Quantity of Pollution AbatementMarginal CostMarginal Benefit900 tons$400,000$100,000800 tons300,000150,000700 tons200,000200,000600 tons100,000250,000500 tons50,000300,000Refer to the above table. What would cause the optimal level of pollution abatement to be 600 tons?
A. An increase in marginal benefits by $200,000 at each level. B. An increase in marginal costs by $150,000 at each level. C. A decrease in marginal costs by $150,000 at each level. D. A decrease in marginal benefits by $100,000 at each level.
From 2002 to 2014, long-term debt at four-year public institutions of higher education
A. doubled. B. increased four-fold. C. decreased by half. D. remained constant.
What goods are available to all without direct payment?
A. private goods B. public goods C. common goods D. toll goods