Monopolies differ from perfectly competitive firms in the long run because
a. perfectly competitive firms can earn economic profit
b. monopolies can earn economic profit
c. monopolies produce a smaller share of the industry output
d. patents and copyright laws protect monopolists for as long as they desire
e. monopolists have long-run average cost curves
B
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The rate of inflation tends to remain constant when
A) the unemployment rate is above the NAIRU. B) the unemployment rate equals the NAIRU. C) the unemployment rate is below the NAIRU. D) the unemployment rate increases faster than the NAIRU increases.
Which of the following features are relevant for determining the extent of a market?
A) Its geographical boundaries. B) Technological innovations that would reduce the cost of production. C) The range of products to be included in it. D) both A and B E) both A and C