In a monopolistic industry, there is(are) ________ firm(s) and ________.
A. many; entry of new firms is blocked
B. a single; entry of new firms is blocked
C. many; free entry of new firms
D. a single; free entry of new firms
Answer: B
Economics
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In a typical cartel agreement, the cartel maximizes profit when it: a. behaves as a duopolist
b. is flexible in enforcing production targets. c. behaves as a monopolist. d. behaves as a perfectly competitive firm.
Economics
The oversimplified formula for the multiplier yields a number that is too large due to the exclusion of
a. variable imports. b. changes in the price-level. c. income taxes. d. All of the above.
Economics