Which of the following would be the most likely outcome if all perfectly competitive firms in a product market join together to form a monopoly?
A) Both the rate of output and the quantity of labor input employed will decrease.
B) Both the rate of output and the quantity of labor input employed will increase.
C) The rate of output in the market will increase but the quantity of labor input will decrease.
D) The rate of output in the market will decrease but the quantity of labor input will increase.
A
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The total market value of final goods and services produced in an economy during a one-year period is
A) personal income. B) profit. C) net national product. D) Gross Domestic Product.
The producer surplus is found by subtracting the ________ and then adding the difference for all units sold
A) marginal cost from price B) price from marginal cost C) marginal benefit from total benefit D) marginal cost from marginal benefit E) deadweight loss from the price