The reason that the Fisherman's Friend restaurant in Stonington, Maine had a monopoly on selling seafood dinners in that town is most likely due to
A) no competitors apparently found the profit level attractive enough to enter the market.
B) the restaurant owned all the fresh seafood in the state.
C) a government-imposed barrier.
D) occupational licensing.
A
Economics
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When a firm has a monopoly in a market and also perfectly price discriminates, total welfare
A) is maximized. B) is lower than in a perfectly competitive market. C) is higher than in a perfectly competitive market. D) is minimized.
Economics
Suppose you put $500 into a bank account today. Interest is paid annually and the annual interest rate is 3 percent. The future value of the $500 after 1 year is
a. $485.44. b. $496.50. c. $509.28. d. $515.00.
Economics