Monopolization of either the labor market or the output market results in A. A higher output price than when both are competitive B. higher wages than when both are competitive C. a higher level of output than when both are competitive D. all of the above. (WRONG)
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Monopolization of either the labor market or the output market results in
A. A higher output price than when both are competitive
B. higher wages than when both are competitive
C. a higher level of output than when both are competitive
D. all of the above. (WRONG)
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- True/ False There is a price discrimination in the monopoly market.The presence of a monopoly always reduces total surplus in the economy. Question 10Select one: True FalseCompared to a market with competitive firms, monopoly markets... a. charge lower prices. b. sell fewer units of product. c. have lower consumer surplus. d. all of the above.
- A government-created monopoly arises when a. the government collects taxes in a particular industry. b. the government exercises its market control by encouraging competition among sellers. c. the government gives a firm the exclusive right to sell some good or service. d. government spending in a certain industry gives rise to monopoly power.A monopoly market structure is best defined as ... Group of answer choices a. One company offers a good or service that is unique and other companies can not enter the market with that good or service. b. One company offers a good in the market that can compete with the market leader. c. One company offers a good or service and earns profits, but only temporarily as other companies enter, the profits will shrink. d. Many companies are in the market, but one company earns more than 30 percent of the profits.A monopoly can sell 20 units of output for $18 per unit. Alternatively it can sell 21 units of output for $16 per unit. The marginal revenue of the 21st unit of output is...
- Andrew Carnegie's monopoly in steel was never as complete as John D. Rockefeller's monopoly in oil. But even after the breakup of Standard Oil in 1914, monopolies kept developing -- including more "natural" monopolies such as Microsoft and Facebook. Why does the government of the USA continue to attempt to break up monopolies? What is the economic rationale? A. Monpolies are inherently anti-consumer. B. Monpolies are a natural consequence of technoogical innovation, and are seen by some economists as evidence of the superiority of capitalism because the market rewards competition. C. Monopolies are problematic because of price-fixing, which is achieved mainly after they become established, not because of the aggressive competition required to out-compete rivals before market dominance is achieved. D. All the above.True/False In monopoly there are high barriers to enter the market.You run a monopoly firm that serves two types of consumers. Individual type-A consumers have a value of 8 for their first unit of your product, a value of 4 for their second unit, and a value of zero for all additional units. Individual type-B consumers have a value of 5 for a single unit of the product and zero for any additional units. There are 3 type-A consumers and 5 type-B consumers. Your marginal cost is zero. b) If your firm can practice first-degree price discrimination, how many units are sold to each consumer and how much does each consumer pay? What is your total profit?
- True/False Monopoly produces a product that is unique and have no close substitute.One difference between a monopoly and a perfectly competitive firm is Question 7 options: a) in the long run, price equals marginal cost for the monopolist whereas for a perfectly competitive firm price equals minimum average total cost b) the monopolist is able to sustain long run economic profits whereas the perfectly competitive firm is unable to c) the monopolist produces a quantity of output where marginal revenue is greater than marginal cost (MR > MC) whereas the perfectly competitive firm produces a quantity of output where marginal revenue is equal to marginal cost (MR = MC) d) there are no fixed costs for a monopolists whereas a perfectly competitive firm has fixed costs1. When a monopoly advertises, the goal is to _____ because _____. Group of answer choices increase its demand as a share of market demand; the monopoly faces a significant portion of market demand increase market demand; the monopoly faces the entire market demand increase market demand; the monopoly produces a product that is identical to the output of all other sellers in the market increase its demand as a share of market demand; the monopoly faces a small portion of market demand 2. If given a choice, a person would prefer to experience the situation of which of the following families? Group of answer choices a family with income equal to the world poverty line a family with income equal to the United States poverty line a family with income double the world poverty line a family with income equal to the poverty line in the United States in 1970 3. A business using its bargaining power as a major buyer of labor to pay lower prices, including lower wages,…
