To maintain a monopoly, a firm must have
A) a perfectly inelastic demand.
B) an insurmountable barrier to entry.
C) marginal revenue equal to demand.
D) few competitors.
Answer: B
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Other things remaining the same, which of the following is likely to happen if an industry introduces labor-saving technology in production?
A) There will be a decrease in both the wage rate and the employment levels in the industry. B) There will be a rise in both the wage rate and the employment levels in the industry. C) There will be a rise in the wage rate and a decrease in the employment levels in the industry. D) There will be a decrease in the wage rate and a rise in the employment levels in the industry.
Refer to Figure 2-18. Which two arrows in the diagram depict the following transaction: Carter earns a $400 commission for selling men's designer shoes at Brooks Brothers
A) J and M B) J and G C) K and G D) K and M