A major difference between a monopolist and a perfectly competitive firm is that
A) the monopolist is certain to earn economic profits.
B) the monopolist's marginal revenue curve lies below its demand curve.
C) the monopolist engages in marginal cost pricing.
D) the monopolist charges the highest possible price that he can.
Answer: B
Economics
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Which of the following economic systems requires some form of competition to better coordinate the plans and projects of households and enterprises?
A) capitalism. B) socialism. C) fascism. D) totalitarianism E) all of the above.
Economics
Higher prices and price increases combined with lower real output and income, resulting from a major increase in input prices in the economy is called:
A) deflation. B) inflation. C) stagflation. D) none of the above.
Economics