"Monopolists do not worry about efficient production and minimizing costs since they can just pass along any increase in costs to their consumers." This statement is
a. false; price increases will mean fewer sales, which may lower profits.
b. true; this is the primary reason why economists believe that monopolies result in economic inefficiency.
c. false; the monopolist is a price taker.
d. true; consumers in a monopoly market have no substitutes to turn to when the monopolist raises prices.
a
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From which of the following countries does the U.S. import the largest dollar value of goods?
a. Canada b. Mexico c. Great Britain d. Japan
This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, the firm's profit is:
A. maximized at 5 units of output. B. not maximized at any level of output given. C. maximized at 4 units of output. D. maximized at 3 units of output.