Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency?
a. The output of the monopolist will be too large and the price too high.
b. The output of the monopolist will be too small and the price too low.
c. The output of the monopolist will be too small and the price too high.
d. The price will be too high, but the impact of monopoly on the output is indeterminate.
C
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a. running background checks on prospective employees b. requiring employees to punch time clocks c. spot checks of the quality of employee's work d. providing better coffee machines in the lunch room
A common argument in favor of restricting trade
a. concerns the strategy of bargaining. b. is that efforts should be made to get new industries started. c. emphasizes the belief that all countries should play by the same rules. d. All of the above are correct.