A single supplier of a good or service for which there is no close substitute is referred to as a(n)
A. strategic competitor.
B. oligopoly.
C. monopoly.
D. monopolistic competitor.
Answer: C
Economics
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In the figure above, if Mac and Izzie both completely specialized and traded with one another, their joint output would be
A) 3 computers and 3 TV sets per month. B) 6 computers and 6 TV sets per month. C) 12 computers and 12 TV sets per month. D) 24 computers and 24 TV sets per month.
Economics
An alternative to patent protection might be
A) dollar prizes for innovation. B) an appeal to altruism. C) granting of citizenship for innovation. D) forcing innovators to cede their innovations.
Economics