Which of the following is a market structure of monopoly?
a. Few firms operating as price takers.
b. Single firm operating as a price taker.
c. Single firm that is a price maker.
d. All of these are true.
c
Economics
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Explain why the number of substitutes influences the price elasticity of demand
What will be an ideal response?
Economics
Refer to Figure 2-15. One segment of the circular flow diagram in the figure shows the flow of wages and salaries from market K to economic agents M. What is market K and who are economic agents M?
A) K = product markets; M = firms B) K = factor markets; M = firms C) K = product markets; M = households D) K = factor markets; M = households
Economics