Which of the following is a characteristic of a monopoly market?
A) many suppliers of similar products
B) one single producer
C) easy entry
D) The firm is a price taker.
Answer: B
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Suppose the labor market is competitive, the supply curve of labor is upward sloping, and the amount of capital is fixed. If the output market changes from a competitive market to a monopoly, what is the effect on its demand for labor? Explain
What will be an ideal response?
If the government cuts taxes, total spending will fall and AD will shift to the left, ceteris paribus
a. True b. False Indicate whether the statement is true or false
If a household's income is cut in half, its budget constraint will
A. shift out parallel to the old one. B. shift in parallel to the old one. C. pivot at the Y-intercept. D. be unaffected.
Minimum wage laws
a. may encourage some teenagers to drop out and take jobs. b. create labor shortages. c. have the greatest impact in the market for skilled labor. d. All of the above are correct.