Perfect competition leads to ______ than does a monopoly.
a. lower output
b. higher prices
c. lower prices
d. slower output
c. lower prices
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In which of the following market structures would X-inefficiency be most likely to exist?
A) Perfect competition. B) Monopolistic competition. C) Oligopoly. D) Monopoly.
When investment banks buy or sell securities on their own account, it's called
A) financial engineering. B) proprietary trading. C) underwriting. D) factoring.
When there are unsustainable rapidly rising prices of some type of financial asset, such as stocks, we refer to this as a(n):
A. asset price bubble. B. bad-precedent problem. C. moral-hazard problem. D. liquidity trap.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.