Potential profits encourage new firms to try to figure out ways to break down methods of protecting monopolies.
Answer the following statement true (T) or false (F)
True
This is an example of the forces of competition.
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Under which of the following conditions could the monopoly price be less than the price that would result in perfect competition? When there are
a. diminishing marginal returns b. substantial economies of scale c. higher unit costs d. increasing costs e. constant returns to scale
Habit formation in consumption implies that
A. the amount of current consumption spending is not related to the amount of past real consumption spending. B. the amount of current consumption spending is negatively related to the amount of past real consumption spending. C. consumption spending changes in a random manner over time. D. the amount of current consumption spending is directly related to the amount of past real consumption spending.