A firm that is a "pure monopoly" is
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
c. the only buyer of a unique raw material.
d. the producer of a product subsidized by the government.
B
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If a union negotiates and obtains a wage rate above the competitive wage rate,
A) it must find a way to make workers more productive. B) employment in the union sector will increase relative to employment in the nonunion sector. C) it must find a way to ration jobs among the excessive number of workers who wish to work in the union sector. D) unemployment will increase in the nonunion sector relative to the union sector.
Economic efficiency is indicated by
A) P = AVC. B) MR = MC. C) P = MR. D) P = MC.