Which of the following contributes to a firm maintaining a monopoly?
A. Homogeneous products in the market.
B. A large number of firms in the industry.
C. The existence of substitute goods.
D. Exclusive franchises.
Answer: D
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and S1 (point C)
If the price of motorcycle side cars (a complement to motorcycles) decreases, and the wages of motorcycle workers increase, how will the equilibrium point change? A) The equilibrium point will move from C to A. B) The equilibrium point will move from C to B. C) The equilibrium will first move from C to A, then return to C. D) The equilibrium point will move from C to E.
A person can cause a negative externality by
a. becoming immunized b. talking loudly in a restaurant c. landscaping her lawn d. paying taxes e. attending school
In numerous experiments, researchers have found that if a Proposer and a Responder are asked to split a fixed sum on money in the ultimatum bargaining game, the Proposer will, on average, offer the Responder:
A. nothing. B. less than would be predicted by standard economic theory. C. more than would be predicted by standard economic theory. D. exactly the amount that would be predicted by economic theory.
Checkable deposits are included in:
A. M2 but not in M1. B. both M1 and M2. C. M1 but not in M2. D. neither M1 nor M2.