Refer to the information provided in Figure 13.7 below to answer the question(s) that follow. 
Figure 13.7 Refer to Figure 13.7. The figure shows a ________ monopoly.
A. profit-maximizing
B. natural
C. patent
D. strategic resource
Answer: B
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If an economy imposes entry barriers to entrepreneurship:
A) the opportunity cost of entrepreneurship will increase. B) the number of entrepreneurs in the economy will increase. C) the aggregate output in the economy will increase. D) the opportunity cost of entrepreneurship will decrease.
The slope of the total revenue curve for a perfectly competitive firm equals
a. marginal revenue, which is less than price b. marginal revenue, which is greater than price c. marginal revenue, which is equal to price d. average revenue, which is less than price e. average revenue, which is greater than price
According to economists, an individual who tries to derive utility from the consumption of a good without paying for it is called:
a. a utility maximizer. b. a free rider. c. an opportunist. d. a profit maximizer.
If advertising decreases the elasticity of demand for specific brand names of hard liquor, we would expect firms to be able to charge a larger markup over marginal cost
a. True b. False Indicate whether the statement is true or false