A monopoly is a
a. price taker
b. single buyer of an input into production
c. firm facing a perfectly elastic demand curve
d. group of firms controlling the price and output for an industry
e. price setter
E
Economics
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The main reason(s) monopolies can earn positive profits for a while is(are)
a. assets cannot quickly move in and out of the industry when demand fluctuates b. an increase in demand does not lead to entry of firms to absorb the extra demand c. both A&B d. none of the above
Economics
Who loses surplus when consumers in a market are forced to pay a Pigouvian tax for a negative externality?
A. Producers B. Consumers C. Others affected by the externality D. Both producers and consumers lose surplus when negative externalities are internalized.
Economics