A single-price monopolist determines
A) its output but not its price.
B) its price but not its output.
C) both its output and its price.
D) neither its output nor its price.
C
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When firms price their products by adding a percentage markup to their average costs of production, this is called
A) cost-plus pricing. B) rounding up. C) break-even pricing. D) average cost pricing.
A government that uses a bureau rather than a private firm to provide some good or service
a. may have less opportunity for officials and legislators to reward friends and supporters with jobs b. will always incur higher costs of production c. will lose the ability to make decisions via the hierarchy of the market d. may be better able to control details of production e. will not be able to sell the good or service after it is produced