A good that is expected to last less than one year is a
a. durable good
b. service
c. nondurable good
d. short-term good
e. perishable good
C
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Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long-run equilibrium, the firm represented in the diagram
A) will continue to produce the same quantity. B) will reduce its output to 750 units. C) will reduce its output to 1,100 units. D) will cease to exist.
Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?
a. Competitive price is higher than the price charged by a monopolist. b. Supply of output is higher in case of a monopoly than if the market is competitive. c. A monopoly can choose its price while a competitive firm is a price taker. d. A market characterized by competition has a higher deadweight loss.