Based on the headline "Russia's Sable Monopoly Persists" you could predict that
A. The sable market is contestable.
B. Sable producers are franchise monopolists.
C. Output is more than it would be in a competitive sable market.
D. Long-run economic profit is positive in the sable market.
Answer: D
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Refer to Figure 4-9. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $12. B) $8. C) $4.40. D) $3.
If individuals behave irrationally in some circumstances, why do economists typically assume that they behave rationally? a. The assumption of rationality allows economists to make powerful statements that apply the majority of the time. b. The assumption of rationality was used before psychologists discovered ways in which individuals behave irrationally. c. The assumption of rationality is
used because economists do not understand principles of psychology. d. The assumption of rationality has yet to be refuted with scientific evidence.