Which of the following is true of monopoly?
a. There are no barriers to entry.
b. The firm is a price taker.
c. There are no close substitutes for the product being produced.
d. There are many firms in the industry.
e. The firm faces a horizontal demand curve.
C
Economics
You might also like to view...
A tax that is imposed as a specific amount per unit of a good is a(n)
A) excise or specific tax. B) sales or ad valorem tax. C) compound duty. D) income tax.
Economics
Under perfect competition, the lure of profits makes producers try to equate marginal cost and price
a. True b. False Indicate whether the statement is true or false
Economics