Identify the characteristics of a monopoly firm
a. The existence of barriers to entry and production of a homogeneous product
b. The production of a unique product and a large number of sellers in the market
c. The production of a standardized product and the firm is a price taker
d. The existence of barriers to entry and the firm is a price taker
e. The existence of barriers to entry and the firm is a price maker
e
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If wheat farmers would receive a larger gross income from wheat sales when half the total wheat crop was destroyed, the demand for their wheat is
A) elastic. B) inelastic. C) larger at higher prices. D) smaller at higher prices. E) unit elastic.
A firm that responds to a regulatory rule in a way that permits technical compliance while allowing the firm to violate the spirit of the regulation has
A) reduced the scope of the lemons problem. B) shared the gains and pains of regulation. C) engaged in a creative response to regulation. D) become a captured regulator.