If a local ready-mix cement company is the only producer of cement in the local market, the monopoly power of the firm will
a. be small if entry barriers into the local market are high.
b. depend on how many other sellers of similar products there are in the national market.
c. be total since there are not any other sellers of the same product in the local market.
d. be minimal if the entry barriers restricting competition from other firms are low.
D
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Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 If the marginal cost of producing each unit of output is $5, the at the monopolist's profit-maximizing level of output, the monopolist produces ________ units of output than is socially optimal.
A. 3 more B. 2 fewer C. 1 more D. 3 fewer
What costs associated with the new miles-per-gallon requirements arise from decisions made in self-interest and in the social interest?
What will be an ideal response?
If Country A has an absolute advantage over Country B in the production of every commodity:
A. mutual gains from trade between Country A and Country B would be impossible. B. Country B would be able to gain from trade but not country A. C. the joint output of the two countries could not be increased through specialization and exchange. D. mutual gains from trade would still be possible.
The value of goods, services, incomes or wealth subject to taxation is
A) the tax base. B) a sales tax. C) the collected tax revenue. D) a unit tax.