A firm can be the sole supplier of a good and is still not a monopolist if
A. the firm is not making excessive profits.
B. the firm is not large.
C. there are close substitutes for the good.
D. the good produced is not a popular item among consumers.
Answer: C
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It is appropriate to use the supply-and demand-model if, in a market,
A) everyone is a price taker with full information about the price and quality of the good. B) firms sell identical products. C) costs of trading are low. D) All of the above.
The components of internal validity are
A) a large sample, and BLUE property of the estimator. B) a regression R2 above 0.75 and serially uncorrelated errors. C) unbiasedness and consistency of the estimator, and desired significance level of hypothesis testing. D) nonstochastic explanatory variables, and prediction intervals close to the sample mean.
A basic factor of production that is used to produce output is:
A. technology. B. labor. C. capital. D. All of these are considered factor inputs.
The federal government of the United States relies heavily on value-added taxes
a. True b. False Indicate whether the statement is true or false