For a firm to become a monopoly in an industry
A) barriers to entry must exist.
B) the firm must charge higher prices than its competitors.
C) the firm must produce a product with the best quality.
D) the firm will engage in unfair practices to drive all competitors out of the market.
Answer: A
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Canada is classified by the International Monetary Fund as
A) an advanced economy. B) a developing economy. C) a transition economy. D) an emerging market economy. E) a natural-resource based economy.
The short-run Phillips curve portrays a(n):
a. direct relationship between total employment and the inflation rate b. inverse relationship between inflation and total employment. c. direct relationship between the unemployment rate and the inflation rate. d. inverse relationship between the unemployment rate and the inflation rate. e. inverse relationship between the price level and the unemployment rate.