A monopoly:
A. faces competition from other firms producing close substitutes.
B. is a price taker.
C. sets a low price by controlling the level of output.
D. restricts its output.
Answer: D
Economics
You might also like to view...
Of the following countries, which one best exhibits the characteristics of a market economy?
A. Canada. B. Cuba. C. North Korea. D. Belarus.
Economics
If nominal GDP was $11,500 billion in 2003 and the price level in 2003 was 111.6, then real GDP would have been approximately
A. $9,750 billion. B. $9,795 billion. C. $10,305 billion. D. $10,485 billion.
Economics