Which of the following is generally true of monopoly?
a. Price exceeds marginal cost
b. Marginal revenue is less than price.
c. Output is restricted relative to the socially efficient level.
d. All of the above are generally true of monopoly.
d
Economics
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The Keynesian aggregate supply schedule slopes upward because of
a. unstable expectations. b. inflexible wages and prices. c. changes in technology. d. differences between actual and expected price levels.
Economics
When a market consists of many small firms, it:
A. must be a perfectly competitive market. B. cannot be a monopoly. C. cannot be a monopolistically competitive market. D. can only be an oligopoly.
Economics