Which of the following is not true for a monopoly?
A.) The demand curve for the monopoly and the market are the same.
B.) It has no direct competitors.
C.) It can use its market power to charge higher prices than a competitive firm.
D.) It is a price taker.
D.) It is a price taker.
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The question "Should we produce LCD televisions or computer monitors?" is an example of a ________ question
A) how B) what C) why D) where E) for whom
In the United States, the poorest 20 percent of households earn roughly ________ percent of total income
A) 20 B) 0.5 C) 15 D) 3 E) 10
The most widely used measure of income inequality is
A) the Bureau of Labor Statistics' cost-of-living index. B) the Laffer curve. C) the Lorenz curve. D) the Gemini coefficient.
If a good generates an external cost, the market will produce
a. some of the good but not enough b. too much of the good. c. an optimal amount of the good. d. none of the good.